Document:

No.
        617987

       

      THE
        COMPANIES ACT 1948

       

      and

       

      THE
        COMPANIES ACTS 1985, 1989 AND 2006

       

      
        

      

       

      PUBLIC
        COMPANY LIMITED BY SHARES

       

      
        
 

      MEMORANDUM
        OF ASSOCIATION

       

      and

       

      ARTICLES
        OF ASSOCIATION

       

      of

       

      HSBC
        Holdings plc

       

      
        

      

       

      Updated
        May 2007

    

     

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    [logo]
 

    CERTIFICATE
      OF INCORPORATION

    

    
      

    

     

    I
      Hereby
      Certify, That

    

    VERNAT
      TRADING CO. LIMITED

    

    

    is
      this
      day Incorporated under the Companies Act, 1948, and that the Company is
      Limited.

    

    Given
      under my hand at London this First day of January One Thousand Nine Hundred
      and
      Fifty nine.

    

    (Sd.)
      [Illegible]

    Registrar
      of Companies

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

     

    [logo]

     

    CERTIFICATE
      OF INCORPORATION ON CHANGE OF NAME

     

    Whereas

    

    VERNAT
      TRADING CO. LIMITED

    

    was
      incorporated as a limited company under the Companies Act, 1948, on the first
      day of January, 1959.

    

    And
      whereas
      by
      special resolution of the Company and with the approval of the Board of Trade
      it
      has changed its name.

    

    Now
      therefore
      I hereby
      certify that the Company is a limited Company incorporated under the name
      of

    

    

    VERNAT
      EASTERN AGENCIES LIMITED

    

    Given
      under my hand at London, this tenth day of February One thousand nine hundred
      and fifty nine.

    

    (Sd.)
      [Illegible]

    Assistant
      Registrar of Companies

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    No.
      617987

     

    [logo]

    

    CERTIFICATE
      OF INCORPORATION

    

    ON
      CHANGE OF NAME

    

    I
      hereby
      certify that

    

    VERNAT
      EASTERN AGENCIES LIMITED

    

    having
      by
      special resolution and with the approval of the Secretary of State changed
      its
      name, is now incorporated under the name of

    

    SILOM
      LIMITED

    

    Given
      under my hand at Cardiff the 13TH AUGUST 1981

     

    (Sd.)
      E.A. WILSON

    Assistant
      Registrar of Companies

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    No.
      617987

     

    [logo]

    

    CERTIFICATE
      OF INCORPORATION

    

    ON
      CHANGE OF NAME

    
I
      hereby
      certify that

    

    SILOM
      LIMITED

    

    having
      by
      special resolution changed its name, is now incorporated under the name
      of

    

    HSBC
      HOLDINGS LIMITED

    

    Given
      under my hand at the Companies Registration Office, Cardiff the 12 DECEMBER
      1990

    

    (Sd.)
      A.M.
      EVANS

    an
      authorised officer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    No.
      617987

     

    [logo]

     

    CERTIFICATE
      OF INCORPORATION

    

    ON
      RE-REGISTRATION OF PRIVATE COMPANY

    

    AS
      A PUBLIC COMPANY

    

    I
      hereby
      certify that

    

    HSBC
      HOLDINGS LIMITED

    

    formerly
      registered as a private company has this day been re-registered under the
      Companies Act 1985 as a public company under the name of

    

    HSBC
      HOLDINGS plc

    

    and
      that
      the company is limited.

    

    Given
      under my hand at Cardiff the 24TH DECEMBER 1990

    

    (Sd.)
      H
      A JELLIMAN

    An
      Authorised Officer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    No.
      F - 4746

     

    [logo]

     

    

    CERTIFICATE
      OF REGISTRATION

     

    OF
      CHANGE OF NAME OF OVERSEA COMPANY

     

    I
      hereby
      certify that

     

    HSBC
      HOLDINGS LIMITED

    

    which
      was
      incorporated in United Kingdom and has been registered in Hong Kong under part
      XI of the Companies Ordinance, has changed its corporate name and is now
      registered under the name of

    

    HSBC
      Holdings plc.

    

    Given
      under my hand this Seventeenth day of January One Thousand Nine Hundred and
      Ninety-one.

     

    (Sd.)
      W.H.
      Kwok

    for
      Registrar General

    (Registrar
      of Companies)

    Hong
      Kong

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

    

    THE
      COMPANIES ACT, 1948

     

    
      
 

    SPECIAL
      RESOLUTIONS

    

    OF

    

    VERNAT
      EASTERN AGENCIES LIMITED

    

    Passed
      19th March, 1959

    

    
      
 

    At
      an
      Extraordinary General Meeting of the above-named Company duly convened and
      held
      at Garrard House, Gresham Street, London, E.C.2, on the 19th day of March,
      1959,
      the following Resolutions were duly passed as Special Resolutions:

    

    RESOLUTIONS

    

    
      	
              1.

            	
              That
                each of the shares of £1 in the capital of the Company be sub-divided into
                8 shares of 2s. 6d. each.

            

    

    

    
      	
              2.

            	
              That
                for the purpose of acquiring the undertaking of The Eastern Agencies
                (1946) Ltd., the nominal share capital of the Company be increased
                from
                £100 to £150,000 by the creation of 1,199,200 shares of 2s. 6d. each
                ranking pari passu in all respects with the existing shares in the
                capital
                of the Company as subdivided by the last-preceding
                Resolution.

            

    

    

    
      	
              3.

            	
              That
                the provisions of the Memorandum of Association with respect to the
                objects of the Company be altered by deleting sub-clauses (a) to
                (s)
                inclusive of Clause 3 and the whole of the declaration immediately
                following the end of sub-clause (s) aforesaid and by substituting
                therefor
                the several sub-clauses to Clause 3 which are lettered (A) to (R)
                inclusive and the declaration immediately following the end of sub-clause
                (R) aforesaid all of which are set forth in a reprint of the Company's
                Memorandum of Association as proposed to be altered by this Resolution,
                a
                copy of which reprint has been produced to this Meeting and signed
                by the
                Chairman thereof for the purposes of
                identification.

            

    

    

    
      	
              4.

            	
              That
                the regulations contained in the printed document submitted to this
                Meeting and signed by the Chairman thereof for the purposes of
                identification be and the same are hereby approved and adopted as
                the
                Articles of Association of the Company in substitution for and to
                the
                exclusion of all the existing Articles of Association
                thereof.

            

    

     

    (Sd.)
      J.G.
      Jekyll

    Secretary

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACT, 1948

    

    COMPANY
      LIMITED BY SHARES

    

    ORDINARY
      RESOLUTION

    

    of

    

    VERNAT
      EASTERN AGENCIES LIMITED

    

    Passed
      18th August, 1964

    

    
      

    

    

    At
      an
      Extraordinary General Meeting of the Members of the above-named Company duly
      convened and held on Tuesday the 18th day of August, 1964, the following
      Resolutions were duly passed as Ordinary Resolutions, namely:—

     

    RESOLUTIONS

    

    
      	
              1.

            	
              THAT
                the nominal share capital of the Company be increased to £300,000 by the
                creation of an additional 1,200,000 shares of 2/6d
                each.

            

    

    

    
      	
              2.

            	
              THAT
                1,200,000 Shares of 2/6d each credited as fully paid be distributed
                as
                capital among the holders of the existing shares registered at the
                close
                of business on the 17th July, 1964, in the proportion of one new
                share for
                every share then held, such new shares to rank pari passu in all
                respects
                with the existing shares of the Company and to rank for the full
                amount of
                all dividends declared after the date of the passing of this Resolution
                AND THAT sufficient of the Capital and Revenue Reserves of the Company
                be
                capitalised, appropriated and applied in making payment in full,
                at par,
                of the new shares hereby directed to be
                distributed.

            

    

     

    (Sd.)
      J.E.
      HART

    Secretary

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    VERNAT
      EASTERN AGENCIES LIMITED

     

    At
      an
      EXTRAORDINARY GENERAL MEETING of the above-named Company held on 20 July 1981
      the following Resolution No. 1 was passed as an ORDINARY RESOLUTION and
      Resolutions Nos. 2, 3, and 4 as SPECIAL RESOLUTIONS:—

     

    RESOLUTIONS

    

    
      	
              1.

            	
              THAT:—

            

    

    

    
      	 	
              (a)

            	
              the
                capital of the Company be increased from £300,000 to £301,500 by the
                creation of 150,000 new Ordinary Shares of 1p
                each;

            

    

    

    
      	 	
              (b)

            	
              it
                is desirable that the sum of £1,500 (being part of the Company's Reserves)
                be capitalised and accordingly that the Directors be and they are
                hereby
                authorised and directed to appropriate and apply that sum as capital
                in
                paying up in full at par the 150,000 unissued Ordinary Shares of
                1p each
                of the Company and to allot and distribute such shares credited as
                fully
                paid to and amongst those persons who shall be registered in the
                books of
                the Company as the holders of the existing 2,400,000 issued and fully
                paid
                shares of 121⁄2p each in the capital of the Company immediately prior to the
                passing of this Resolution, in proportion to the number of such issued
                shares so held by them
                respectively;

            

    

    

    
      	 	
              (c)

            	
              forthwith
                upon the allotment of Ordinary Shares pursuant to paragraph (b) of
                this
                Resolution each of the said existing 2,400,000 issued and fully paid
                shares be converted into and become and be designated 1 Deferred
                Share of
                121⁄2p having attached thereto the rights and privileges and being subject
                to the restrictions set out in the Articles of Association of the
                Company
                as altered by Resolution No. 3
                below.

            

    

    

    
      	
              2.

            	
              THAT
                the name of the Company be changed to "SILOM
                LIMITED".

            

    

    

    
      	
              3.

            	
              THAT
                the provisions of the Memorandum of Association with respect to the
                objects of the Company be altered by deleting sub-clause (A) of Clause
                3
                and substituting therefor the following
                sub-clause:—

            

    

    

    
      	 	
              "(A)

            	
              To
                purchase, exchange, improve, mortgage, charge, rent, let on lease,
                hire,
                surrender, license, accept surrenders of, and otherwise acquire any
                freehold, leasehold or other property, chattels and effects, whether
                situate in England or elsewhere, erect, pull-down, repair, alter,
                develop
                or otherwise deal with any building or buildings and adapt the same
                for
                the purposes of investment or
                re-investment."

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              THAT
                subject to the passing of Resolution No. 1 above the Regulations
                contained
                in the document now submitted to this Meeting and signed for the
                purpose
                of identification by the Chairman thereof be and the same are hereby
                adopted as the Articles of Association of the Company to the exclusion
                of
                and in substitution for the existing Articles of
                Association.

            

    

     

    (Sd.)
      J.P.R.
      BROWN

    Chairman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

     

    THE
      COMPANIES ACT 1948

    

    AND

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
 

    COMPANY
      LIMITED BY SHARES

    

    
      
 

    RESOLUTION

    

    of

    

    SILOM
      LIMITED

    

    
      
 

    Passed
      :
      3 December 1990

    

    
      
 

    At
      an
      Extraordinary General Meeting of the above-named Company, duly convened and
      held
      on 3 December 1990, the following Resolution was duly passed as a Special
      Resolution:

    

    SPECIAL
      RESOLUTION

    

    THAT
      the
      name of the Company be changed to "HSBC Holdings Limited".

    

    (Sd.)
      S.
      G. BURROWS

    
      

    

    Chairman
      of the Meeting

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

    

    THE
      COMPANIES ACT 1948

    

    and

    

    THE
      COMPANIES ACTS 1985 AND 1989

     

    
      
 

    COMPANY
      LIMITED BY SHARES

     

    
      
 

    RESOLUTION

    

    of

    

    HSBC
      HOLDINGS LIMITED

     

    
      
 

    Passed
      on
      18 December 1990

     

    
      

    

     

    At
      an
      Extraordinary General Meeting of the above-named Company, duly convened and
      held
      on 18 December 1990, the following Resolution was duly passed as a Special
      Resolution:

    

    SPECIAL
      RESOLUTION

    

    "THAT
      the
      Company be re-registered forthwith as a public company and that:

    

    
      	
            	(a)	
              the
                name of the Company be changed to "HSBC Holdings
                plc";

            

    

    

    
      	
            	(b)	
              the
                Memorandum of Association of the Company be altered
                by:

            

    

    

    
      	
            	(i)	
              the
                insertion of the following new Clause 2:

            

    

    

    "2. The
      Company is a public company."

    

    and
      by
      renumbering the existing Clauses 2 to 5 of the Memorandum accordingly;
      and

    

    
      	 	
              (ii)

            	
              amending
                Clause 4 (as re-numbered by sub-paragraph (b)(i) above with respect
                to the
                objects of the Company by inserting the following new sub-paragraph
                in
                Clause 4(A):

            

    

     

    
      	
            	"4(A)(1)	
              To
                act as the holding and co-ordinating company of a group of companies
                of
                which the Company is for the time being the holding
                company."

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    and
      by
      re-numbering the existing Clause 4(A) (as re-numbered by sub-paragraph (b)(i)
      above) as sub-paragraph (2) of Clause 4(A).

    

    
      	 	
              (c)

            	
              the
                regulations contained in the document now submitted to this Meeting
                and
                signed for the purposes of identification by the Chairman thereof
                be and
                they are hereby adopted as the Articles of Association of the Company
                in
                place of the existing Articles of
                Association.

            

    

     

    (Sd.)
      J.E.
      Strickland

    Chairman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

     

    
      

    

     

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    
      

    

     

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

     

    
      

    

     

    Passed
      25
      March, 1991

     

    
      

    

     

    At
      an
      Extraordinary General Meeting of the above-named Company, duly convened and
      held
      on 25 March, 1991, the following Resolutions were duly passed of which
      Resolutions Nos. 1 and 3 were passed as Special Resolutions and Resolution
      No. 2
      was passed as an Ordinary Resolution:

    

    SPECIAL
      RESOLUTION

    

    
      	
              1.

            	
              THAT
                conditional on and with effect from the date on which the Scheme
                of
                Arrangement dated 1 February, 1991 under section 166 of the Companies
                Ordinance (Cap. 32) of Hong Kong between The Hongkong and Shanghai
                Banking
                Corporation Limited and the holders of its shares of HK$2.50 each
                becomes
                effective:

            

    

    

    
      	 	
              (A)
                

            	
              (a)

            	
              every
                100 of the Ordinary Shares of 1p each of the Company shall be consolidated
                into one Ordinary Share of £1;

            

    

    

    
      	 	
              (b)

            	
              every
                8 of the Deferred Shares of 121⁄2p each of the Company shall be consolidated
                into one Deferred Share of £1;

            

    

    

    
      	 	
              (B)

            	
              each
                resulting Ordinary Share of £1 and each resulting Deferred Share of £1
                shall be converted into and redesignated as a Non-voting Deferred
                Share of
                £1 having the rights and privileges and being subject to the restrictions
                set out in the new Articles of Association of the Company to be adopted
                pursuant to paragraph (C) of this
                Resolution;

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (C)

            	
              the
                authorised share capital of the Company shall be increased to
                HK$20,000,000,000 denominated in Hong Kong dollars and £301,500
                denominated in pounds sterling by the creation of 2,000,000,000 Ordinary
                Shares of HK$10 each having the rights and privileges and being subject
                to
                the restrictions set out in the new Articles of Association of the
                Company
                to be adopted pursuant to paragraph (C) of this
                Resolution;

            

    

    

    
      	 	
              (D)

            	
              the
                Regulations contained in the document now submitted to this Meeting
                and
                signed for the purpose of identification by the Chairman thereof
                be and
                the same are hereby adopted as the new Articles of Association of
                the
                Company to the exclusion of and in substitution for the existing
                Articles
                of Association; and

            

    

    

    
      	 	
              (E)

            	
              the
                provisions of the Memorandum of Association with respect to the objects
                of
                the Company be altered by deleting Clause 4 thereof and substituting
                therefor a new Clause 4 in the form contained in the document now
                submitted to this Meeting and signed for the purpose of identification
                by
                the Chairman thereof.

            

    

    

    ORDINARY
      RESOLUTION

    

    
      	
              2.

            	
              THAT
                conditional on and with effect from the date on which the Scheme
                of
                Arrangement dated 1 February, 1991 under section 166 of the Companies
                Ordinance (Cap. 32) of Hong Kong between The Hongkong and Shanghai
                Banking
                Corporation Limited and the holders of its shares of HK$2.50 each
                ("the
                Scheme") becomes effective the Directors be and they are hereby generally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 ("the Act") to exercise all the powers of the Company to
                allot
                relevant securities (within the meaning of that section) up to an
                aggregate nominal amount of HK$20,000,000,000 provided that this
                authority
                shall be limited so that, otherwise than pursuant to (i) issues of
                Ordinary Shares of HK$10 each of the Company pursuant to the Scheme
                or
                (ii) a rights issue where relevant securities are offered to shareholders
                on a fixed record date in proportion to their then holdings of shares
                (subject to such exclusions or other arrangements as the Directors
                may
                deem necessary or expedient in relation to fractional entitlements
                or
                having regard to any restrictions or obligations under the laws of
                or the
                requirements of any recognised regulatory body or stock exchange
                in any
                territory outside Hong Kong or otherwise howsoever) or (iii) any
                scrip
                dividend scheme or similar arrangements implemented in accordance
                with the
                Articles of Association of the Company, the aggregate nominal amount
                of
                the relevant securities to be allotted by the Directors pursuant
                to this
                authority shall not in aggregate exceed five per cent. of the nominal
                amount of the issued Ordinary share capital of the Company immediately
                following the issue of Ordinary Shares of HK$10 each of the Company
                pursuant to the Scheme and such authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 1991 save
                that
                this authority shall allow the Company before the expiry of this
                authority
                to make offers or agreements which would or might require relevant
                securities to be allotted after such expiry and the Directors may
                allot
                relevant securities in pursuance of such offers or agreements as
                if the
                authority conferred hereby had not
                expired.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SPECIAL
      RESOLUTION

    

    
      	
              3.

            	
              THAT,
                subject to the passing of Resolution No. 2 set out in the Notice
                dated 25
                March, 1991 convening this Meeting and to such Resolution becoming
                effective, the Directors be and they are hereby empowered, pursuant
                to
                section 95 of the Companies Act 1985 ("the Act") to allot equity
                securities (as defined in section 94 of the Act) pursuant to the
                authority
                conferred by the aforesaid Resolution No. 2 as if section 89(1) of
                the Act
                did not apply to any such allotment provided that this power shall
                expire
                at the conclusion of the Annual General Meeting of the Company to
                be held
                in 1991 save that this power shall enable the Company prior to the
                expiry
                of this power to make offers or agreements which would or might require
                equity securities to be allotted after the expiry of this power and
                the
                Directors may allot equity securities in pursuance of such offers
                or
                agreements as if the power conferred hereby had not
                expired.

            

    

     

    W.
      Purves

    Chairman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HSBC
      Holdings plc

    

    CONSENT
      TO VARIATION OF CLASS RIGHTS

    

    We,
      the
      undersigned, being the registered holders of all the issued Deferred Shares
      of
      121⁄2p each of HSBC Holdings plc hereby consent to and sanction any variation or
      abrogation of the rights attaching to such shares to be effected by the passing
      of Special Resolution No. 1 set out in the Notice of Extraordinary General
      Meeting of HSBC Holdings plc to be held on 25 March, 1991.

    

    Dated
      25
      March, 1991

     

    
      	 	 	 	 
	J.M.
              Gray	 	 	W.L.
              Chan
	
              
Duly
              authorised	 	 	
              
Duly
              authorised
	
              for
                and
                on behalf of

              HSBC Holdings BV

            	 	 	
              for
                and
                on behalf of

              Hongkong & Shanghai

              
                Banking
                  Corporation

                (Nominees)
                  Limited

              

            

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HSBC
      Holdings plc

    

    CONSENT
      TO VARIATION OF CLASS RIGHTS

     

    We,
      the
      undersigned, being the registered holder of all the issued Ordinary Shares
      of 1p
      each of HSBC Holdings plc hereby consent to and sanction any variation or
      abrogation of the rights attaching to such shares to be effected by the passing
      of Special Resolution No. 1 set out in the Notice of Extraordinary General
      Meeting of HSBC Holdings plc to be held on 25 March 1991.

     

    Dated
      25
      March, 1991

     

    
      	
            	 	 	 
	J.M.
              Gray	 	 	
            
	
              
Duly
              authorised	 	 	
            
	
              for
                and
                on behalf of

              HSBC Holdings BV

            	 	 	
               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HSBC
      Holdings plc

     

    CONSENT
      TO VARIATION OF CLASS RIGHTS

     

    We,
      the
      undersigned, being the registered holder of all the issued Non-voting Deferred
      Shares of £1 each of HSBC Holdings plc hereby consent to and sanction any
      variation, modification or abrogation of the rights attaching to such shares
      to
      be effected by the passing of the Special Resolution set out in the Notice
      of
      Extraordinary General Meeting of HSBC Holdings plc dated 11 May
      1992.

     

    Dated
      11
      May 1992

     

    
      	
            	 	 	 
	
              R.P.
                Hennessy

            	 	 	
            
	
              
Duly
              authorised	 	 	
            
	
              for
                and
                on behalf of

              WTL Limited

            	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

     

    THE
      COMPANIES ACTS 1985 AND 1989

     

    
      
        

      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    
      
 

    RESOLUTION

    of

    HSBC
      Holdings plc

     

    
      

    

    

    Passed
      9
      June 1992

     

    
      
 

    At
      the
      Extraordinary General Meeting of HSBC Holdings plc held on Level 18,
      1 Queen's Road Central, Hong Kong on Tuesday, 9 June 1992, the following
      SPECIAL RESOLUTION was passed:

     

    SPECIAL
      RESOLUTION

     

    THAT:

    

    
      	
              (A)

            	
              the
                proposed acquisition by the Company and/or any of its subsidiaries
                and/or
                subsidiary undertakings of any of the shares in the capital of Midland
                Bank plc ("Midland") on such terms and conditions as may be approved
                by
                the Directors of the Company (or any duly constituted committee thereof)
                (the "Directors") and the offer by the Company to the shareholders
                of
                Midland upon the terms and subject to the conditions set out or referred
                to in the offer document and listing particulars dated 8 May 1992
                and in
                the circular to shareholders of the Company dated 11 May 1992 each
                issued
                by or on behalf of the Company (copies of which documents are produced
                to
                the Meeting and for identification purposes signed by the Chairman
                of the
                Meeting) or upon and subject to the terms and conditions of any amended,
                varied, revised, extended, additional and/or other offer or offers
                or
                election(s) thereunder approved by the Directors (together the "Offer"
                which expression shall include any such amended, varied, revised
                extended,
                additional and/or other offer(s) or election(s)) be and they are
                hereby
                approved and that any acquisitions by the Company of shares in and
                of
                options over shares in Midland from any of the Directors or persons
                connected with any of the Directors be and are hereby approved for
                the
                purposes of section 320 of the Companies Act 1985, and that the Directors
                be and are hereby authorised to waive, amend, vary, revise or extend
                any
                of the terms and conditions of the Offer, to make any additional
                and/or
                other offer(s) to acquire shares in the capital of Midland and to
                do all
                such acts or things as they may consider necessary or desirable in
                connection with the Offer including, without prejudice to the generality
                of the foregoing, any such acts and things as are referred to in
                the said
                documents relating to regulatory issues, taxation or
                otherwise;

            

    

    

    
      	
              (B)

            	
              the
                Directors be and they are hereby authorised to make and implement
                such
                offers or other proposals to, or arrangements with, the holders of
                options
                over shares in Midland including options under any employees' share
                scheme
                operated by Midland for the benefit of its employees, in each case
                on such
                terms and subject to such conditions as the Directors may consider
                appropriate;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              (C)

            	
              the
                Directors be and they are hereby authorised to procure the Company
                and/or
                any of its subsidiaries and/or subsidiary undertakings to enter into,
                amend and/or perform any agreement, indemnity or arrangement with
                any
                third party or parties and/or waive any limitation of liability contained
                therein, whether in the ordinary course of business or otherwise,
                which
                they may consider in their absolute discretion necessary or desirable
                in
                connection with the Offer and/or the purchase of any shares in the
                capital
                of Midland and under which the Company and/or any of its subsidiaries
                and/or subsidiary undertakings agrees to grant or receive any option
                in
                respect of such shares and/or indemnity, and/or accept liability
                for
                costs, expenses, commissions and/or losses, whether in whole or in
                part
                and whether or not on a contingent basis, incurred by such third
                party or
                parties directly or indirectly in connection with the purchase, holding
                and/or disposal of any such shares;
                and

            

    

    

    
      	
              (D)

            	
              subject
                to and conditional upon the Offer becoming or being declared unconditional
                in all respects (other than as regards the coming into effect or
                passing
                of this Resolution):

            

    

    

    
      	 	
              (i)

            	
              the
                authorised share capital of the Company denominated in pounds sterling
                be
                increased from £301,500 to £1,125,301,500 by the creation of 1,500,000,000
                Ordinary Shares of 75p each such shares having attached thereto the
                rights
                and privileges and being subject to the limitations and restrictions
                set
                forth in the Articles of Association of the Company as altered by
                this
                Resolution;

            

    

    

    
      	
            	(ii)	
              the
                Articles of Association of the Company be
                altered:

            

    

    

    
      	 	
              (a)

            	
              by
                deleting the expressions and meanings of "Ordinary Share" and "£" in
                Article 2.1 and substituting the following expressions and meanings
                respectively:

            

    

     

    
      
        	 	
                "Ordinary
                  Share

              	
                an
                  Ordinary Share of the Company having a nominal amount of HK$10
                  or
                  75p;

              
	 	 	 
	 	
                £
                  and p or pence

              	
                pounds
                  sterling and pence";

              
	 	 	 

      

    

    

    
      	
            	(b)	
              by
                deleting Article 4.1 and substituting therefor the
                following:

            

    

    

    
      	 	
              "4.1

            	
              The
                authorised share capital of the Company is HK$20,000,000,000 denominated
                in Hong Kong dollars divided into 2,000,000,000 Ordinary Shares of
                HK$10
                each and £1,125,301,500 denominated in pounds sterling divided into
                1,500,000,000 Ordinary Shares of 75p each and 301,500 Non-voting
                Deferred
                Shares of £1 each.

            

    

    

    
      	
            	4.2	
              The
                Ordinary Shares rank pari passu in all
                respects.

            

    

    

    
      	 	
              4.3

            	
              Fully
                paid Ordinary Shares confer identical rights in respect of capital,
                dividends (save where and to the extent that any such share is issued
                on
                terms providing that it shall rank for dividend as from a particular
                date), voting and otherwise notwithstanding that they are denominated
                in
                different currencies and shall be treated as if they are one single
                class
                of shares.";

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (c)

            	
              by
                substituting the following words in Article 5.1(2) for the words
                "after
                all other holders of shares in the Company have been repaid their
                capital
                in full and such holders have received an additional amount of £10,000,000
                per share":

            

    

    

    "after
      there shall have been distributed (in cash or specie) to the holders of the
      Ordinary Shares the amount of £10,000,000 in respect of each Ordinary Share held
      by them respectively. For this purpose distributions in currency other than
      sterling shall be treated as converted into sterling, and the value of any
      distribution in specie shall be ascertained in sterling, in each case in such
      manner as the Board or the Company in general meeting may
      approve.";

    

    
      	 	
              (d)

            	
              by
                inserting the following new Article as Article 6.2 immediately after
                Article 6.1:

            

    

    

    
      	 	
              "6.2

            	
              (1)

            	
              This
                Article 6.2 applies to any rights issue of any New Securities (as
                hereinafter defined) or any invitation to subscribe for any such
                securities which the Company may make in favour of holders of Ordinary
                Shares.

            

    

    

    
      	 	
              (2)

            	
              Whenever
                this Article 6.2 applies, the Company shall subject to the following
                provisions of this Article 6.2 extend the same invitation to all
                holders
                of Ordinary Shares at the same price and on the same
                terms.

            

    

    

    
      	 	
              (3)

            	
              Notwithstanding
                anything herein contained, whenever this Article 6.2
                applies:

            

    

    

    
      	 	
              (a)

            	
              the
                Board may make such exclusions or other arrangements as the Board
                may deem
                necessary or expedient in relation to fractional entitlements or
                having
                regard to any restrictions or obligations under the laws of or the
                requirements of any regulatory body or stock exchange in any territory
                or
                otherwise howsoever;

            

    

    

    
      	 	
              (b)

            	
              the
                Board may offer to holders of Ordinary Shares denominated in one
                currency
                Ordinary Shares denominated in the same or some other currency (or
                the
                right to subscribe for or to convert into or to exchange any securities
                for any such Ordinary Shares) and may give to any holders of Ordinary
                Shares a choice as to the currency in which the Ordinary Shares which
                they
                acquire (whether in pursuance of the rights issue or any such right
                as
                aforesaid) are denominated;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              the
                Board may determine that the price per New Security may be converted
                into
                such currency or currencies at such rate or rates of exchange as
                the Board
                may in its absolute discretion determine and so that the invitation
                may be
                made to holders of Ordinary Shares in different currencies and so
                that
                such holders may be given the option of subscribing in one or more
                different currencies;

            

    

    

    
      	 	
              (d)

            	
              if
                the Board determines to exercise the powers conferred by paragraphs
                (b) or
                (c) above, it need not exercise such powers in the same manner or
                to the
                same extent in relation to all holders of Ordinary Shares but may
                exercise
                such powers in relation to such holders of Ordinary Shares and in
                such
                manner and to such extent as it shall in its absolute discretion
                think
                fit.

            

    

    

    
      	 	
              (4)

            	
              In
                this Article 6.2, "New Securities" means Ordinary Shares or any securities
                conferring the right to subscribe for or convert into or to exchange
                such
                security for Ordinary Shares.";

            

    

    

    
      	 	
              (e)

            	
              by
                deleting in Article 35.1 the words "Without prejudice to the provisions
                of
                Articles 35.2 and 40, the" and substituting therefor the word "The",
                by
                adding at the end of Article 35.1(c) the words "and in respect of
                shares
                denominated in the same currency" and by deleting Article
                35.2;

            

    

    

    
      	
            	(f)	
              by
                deleting Article 40;

            

    

    

    
      	
            	(g)	
              by
                inserting the following paragraph at the end of Article
                45.1:

            

    

    

    "Any
      resolution for consolidation and division of Ordinary Shares into shares of
      a
      larger nominal amount pursuant to paragraph (b) of this Article and any
      resolution for sub-division of Ordinary Shares into shares of a smaller amount
      pursuant to paragraph (d) of this Article shall constitute a variation of the
      rights attached to the Ordinary Shares unless such resolution shall affect
      all
      the Ordinary Shares in issue in like manner and to like extent.";

    

    
      	 	
              (h)

            	
              by
                inserting the following new Article as Article 47.2 immediately after
                Article 47.1:

            

    

    

    
      	 	
              "47.2

            	
              Without
                prejudice to the generality of Article 47.1, the passing and/or
                implementation of any special resolution for the reduction of the
                capital
                paid up on any Ordinary Shares and for the cancellation of such Shares
                accordingly for the purpose only of, and followed by, the application
                (as
                nearly as may be) of the reserve then arising in or towards the payment
                up
                in full of the same number of new Ordinary Shares denominated in
                a
                different currency (which need not be any currency in which any issued
                Ordinary Share is then denominated) but having the same rights as
                and
                ranking pari passu in all respects with Ordinary Shares for the purposes
                of these Articles and the distribution of such new Ordinary Shares
                credited as fully paid to the holders of the Ordinary Shares so cancelled
                in proportion to the number of such Shares then held by them respectively
                shall not involve any variation or abrogation of the rights attached
                to
                any Ordinary Shares cancelled as aforesaid (or of the rights attached
                to
                any other Ordinary Share) and all Ordinary Shares whenever issued
                are
                subject to the restriction that the passing and/or implementation
                of any
                such resolution shall not require the consent or sanction of the
                holders
                of any Ordinary Shares to be given in accordance with Article 49.1
                or
                otherwise.";

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (i)

            	
              by
                inserting the following new Article as Article 49.2 immediately after
                Article 49.1:

            

    

    

    
      	 	
              "49.2

            	
              Ordinary
                Shares whenever issued are subject to the restriction that the rights
                attached to them may be varied or abrogated by a special resolution
                of the
                Company without the separate consent or sanction (given in accordance
                with
                Article 49.1 or otherwise) of the holders of any of the Ordinary
                Shares
                provided that the rights attached to all the Ordinary Shares are
                thereby
                varied or abrogated in like manner and to like extent and accordingly
                neither the passing nor the implementation of any such resolution
                constitutes a variation or abrogation of any of the rights attached
                to any
                of the Ordinary Shares.";

            

    

    

    
      	 	
              (j)

            	
              by
                deleting in Article 51.1 the words "on which any shares may be issued"
                and
                substituting therefor the words "of issue of or rights attached to
                any
                shares"; by deleting in Article 51.1 the words "or by the allotment
                of
                further shares ranking in priority thereto in any respect" and by
                inserting in Article 51.1 before the words "pari passu" the words
                "in
                priority to or";

            

    

    

    
      	 	
              (k)

            	
              by
                deleting in each of Articles 52.1 and 53.1 the words "and in Hong
                Kong or
                such other place" and substituting therefor the words "and in such
                place";

            

    

    

    
      	 	
              (l)

            	
              by
                deleting the third sentence of Article
                54.1;

            

    

    

    
      	 	
              (m)

            	
              by
                inserting the following Article as Article 55.5 immediately after
                the
                existing Article 55.4:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              "55.5

            	
              The
                holders of Ordinary Shares denominated in a currency other than sterling
                shall (if they would not do so apart from this paragraph) have the
                same
                rights as are enjoyed by holders of Ordinary Shares denominated in
                sterling under section 376(2)(b) of the Act and accordingly any amount
                paid up on any Ordinary Share in any currency other than sterling
                shall
                for the purposes of such provision be treated as if it had been converted
                into sterling at such rate of exchange prevailing at or about the
                date of
                the requisition as the Board shall
                determine".;

            

    

    

    
      	 	
              (n)

            	
              by
                deleting the words "or a Disclosure Notice (as defined in Article
                40)" in
                Article 81.1; by deleting the words "or a Disclosure Notice" in Articles
                81.3, 81.5 and 81.6; by deleting the words "and of Article 40.6,"
                in
                Article 81.4(a); by deleting the words "or from a Disclosure Notice"
                in
                Article 81.4(a), and by deleting the words in Article 81.4(b) and
                substituting therefor the words ""interested" shall be construed
                in
                accordance with section 212 of the
                Act";

            

    

    

    
      	 	
              (o)

            	
              by
                deleting Article 84.2;

            

    

    

    
      	 	
              (p)

            	
              by
                deleting Article 91.1 and substituting the
                following:

            

    

    

    "At
      each
      annual general meeting of the Company one-third of the Directors who are subject
      to retirement by rotation or, if their number is not three or a multiple of
      three, the number nearest to but not exceeding one-third shall retire from
      office.";

    

    
      	 	
              (q)

            	
              by
                deleting in Article 95.1 the words "but with the age of 65 being
                substituted for all references therein to the age of
                70";

            

    

    

    
      	 	
              (r)

            	
              by
                deleting the words "within Hong Kong" in Article 100.1 and substituting
                therefor the words "within the United Kingdom or Hong
                Kong";

            

    

    

    
      	 	
              (s)

            	
              by
                deleting the words "in Hong Kong" in Article 113.1 and substituting
                therefor "in the United Kingdom or Hong
                Kong";

            

    

    

    
      	 	
              (t)

            	
              by
                deleting with effect from 1 January 1993 in Article 120.1 the words
                "No
                meetings of the Board shall be held in the United
                Kingdom";

            

    

    

    
      	 	
              (u)

            	
              by
                deleting "Hong Kong" wherever that name appears in Article 121.1
                and
                substituting therefor the words "the United Kingdom or Hong
                Kong";

            

    

    

    
      	 	
              (v)

            	
              by
                deleting with effect from 1 January 1993 in Article 125.1 the words
                commencing with "Provided always ......" and ending with the words
                "......
                in the United Kingdom";

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (w)

            	
              by
                deleting "Hong Kong" wherever that name appears in Article 126.1
                and
                substituting therefor the words "the United Kingdom or Hong Kong"
                and by
                deleting wherever those words appear in Article 126.1 the words "(other
                than the United Kingdom)";

            

    

    

    
      	 	
              (x)

            	
              by
                deleting with effect from 1 January 1993 in Article 127.1 the words
                "and
                in particular no meetings of a committee of the Board shall be held
                in the
                United Kingdom";

            

    

    

    
      	 	
              (y)

            	
              by
                adding the following sentence at the end of Article
                142.1:

            

    

    

    "If
      and
      whenever the shares on which any such dividend is declared are denominated
      in
      different currencies, the dividend shall be declared in a single currency (which
      may be any currency).";

    

    
      	
            	(z)	
              by
                adding the following sentence as a second sentence in Article
                143.1:

            

    

    

    "The
      Board shall declare such dividend on all shares ranking pari passu in a single
      currency (which may be any currency) even if such shares are denominated in
      different currencies.";

    

    
      	
            	(aa)	
              by
                deleting Article 144.1 and substituting the
                following:

            

    

    

    
      	 	
              "144.1

            	
              Except
                as otherwise provided by the terms of issue of or rights attached
                to any
                shares, all dividends shall be declared and paid according to the
                amounts
                paid up (otherwise than in advance of calls) on the shares on which
                the
                dividend is paid. For this purpose the same amount shall be deemed
                to have
                been paid up on all fully paid Ordinary Shares notwithstanding that
                they
                may be denominated in different currencies. Subject as aforesaid,
                all
                dividends shall be apportioned and paid proportionately to the percentage
                of the nominal amount (which shall in the case of Ordinary Shares
                be
                treated as the same amount as is hereby treated as paid up on all
                fully
                paid Ordinary Shares) paid up on the shares during any portion or
                portions
                of the period in respect of which the dividend is paid, but if any
                share
                is issued on terms providing that it shall rank for dividend as from
                a
                particular date, it shall rank for dividend
                accordingly.";

            

    

    

    
      	 	
              (bb)

            	
              by
                deleting the words "other than Hong Kong dollars" in Article
                148.2;

            

    

    

    
      	 	
              (cc)

            	
              by
                deleting in Article 149.1 the words "are left uncashed on two consecutive
                occasions or on one occasion if such cheque, warrant or order is
                returned
                to the Company undelivered" and substituting therefor the words "are
                returned to the Company or left uncashed on two consecutive
                occasions";

            

    

    

    
      	 	
              (dd)

            	
              by
                deleting Article 151 and substituting the
                following:

            

    

    

    
      	 	
              "151.1

            	
              The
                Board may, with the prior authority of an ordinary resolution of
                the
                Company and subject to such terms and conditions as the Board may
                determine, offer to any holders of Ordinary Shares the right to elect
                to
                receive in accordance with the provisions of this Article Ordinary
                Shares
                of the same or a different currency, credited as fully paid, instead
                of
                cash in any currency in respect of the whole (or some part, to be
                determined by the Board) of any dividend specified by the ordinary
                resolution. The following provisions shall
                apply:

            

    

    

    
      	 	
              (a)

            	
              the
                said resolution may specify a particular dividend, or may specify
                all or
                any dividends declared within a specified period or
                periods;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              the
                entitlement of each holder of Ordinary Shares to new Ordinary Shares
                shall
                be such that the relevant value of the entitlement shall be as nearly
                as
                possible equal to (but not greater than) the cash amount (disregarding
                any
                tax credit) of the dividend that such holder would have received
                by way of
                dividend in the currency in which such dividend was declared or as
                converted into the equivalent amount in another currency if and in
                such
                manner as the Board shall so determine. For this purpose "relevant
                value"
                shall be calculated by reference to the average of the middle market
                quotations for the Ordinary Shares on The Stock Exchange, as derived
                from
                the Daily Official List, for the day on which the Ordinary Shares
                are
                first quoted "ex" the relevant dividend and the four subsequent dealing
                days, or in such other manner as the Board may determine on such
                basis as
                it considers to be fair and reasonable and the cash amount of the
                relevant
                dividend in a particular currency shall be converted into the equivalent
                amount in another currency if and in such manner as the Board shall
                so
                determine. A certificate or report by the Auditors as to the amount
                of the
                relevant value in respect of any dividend shall be conclusive evidence
                of
                that amount;

            

    

    

    
      	
            	(c)	
              no
                fractions of a share shall be
                allotted;

            

    

    

    
      	 	
              (d)

            	
              the
                Board shall, after determining the basis of allotment, notify the
                holders
                of Ordinary Shares in writing of the right of election offered to
                them,
                and specify the procedure to be followed and place at which, and
                the
                latest time by which, elections must be lodged in order to be
                effective;

            

    

    

    
      	 	
              (e)

            	
              the
                Board may exclude from any offer any holders of Ordinary Shares or
                any
                Ordinary Shares held by a Depositary where the Board considers that
                the
                making of the offer to them or in respect of such shares would or
                might
                involve the contravention of the laws of any territory or that for
                any
                other reason the offer should not be made to them or in respect of
                such
                shares;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (f)

            	
              the
                Board may determine that every duly effected election in respect
                of any
                Ordinary Shares shall be binding on every successor in title to the
                holder
                thereof;

            

    

    

    
      	 	
              (g)

            	
              the
                dividend (or that part of the dividend in respect of which a right
                of
                election has been offered) shall not be payable on Ordinary Shares
                in
                respect of which an election has been duly made ("the elected Ordinary
                Shares") and instead additional Ordinary Shares shall be allotted,
                credited as fully paid, to the holders of the elected Ordinary Shares
                on
                the basis of their entitlement pursuant to paragraph (b) of this
                Article
                151.1. For such purpose the Board may capitalise, out of any amount
                for
                the time being standing to the credit of any reserve or fund (including
                any share premium account or capital redemption reserve) or of any
                of the
                profits which could otherwise have been applied in paying dividends
                in
                cash as the Board may determine, a sum equal to the aggregate nominal
                amount or amounts of the additional Ordinary Shares to be allotted
                on that
                basis and apply it in paying up in full the appropriate number of
                unissued
                Ordinary Shares for allotment and distribution to the holders of
                the
                elected Ordinary Shares on that basis. A Board resolution capitalising
                any
                part of such reserve or fund or profits shall have the same effect
                as if
                such capitalisation had been declared by ordinary resolution of the
                Company in accordance with Article 153 and in relation to any such
                capitalisation the Board may exercise all the powers conferred on
                them by
                Article 153 without need of such ordinary
                resolution;

            

    

    

    
      	 	
              (h)

            	
              the
                additional Ordinary Shares so allotted shall rank pari passu in all
                respects with each other and with the fully paid Ordinary Shares
                in issue
                on the record date for the dividend in respect of which the right
                of
                election has been offered, except that they will not rank for any
                dividend
                or other distribution or other entitlement which has been declared,
                paid
                or made by reference to such record date;
                and

            

    

    

    
      	 	
              (i)

            	
              the
                Board may terminate, suspend or amend any offer of the right to elect
                to
                receive Ordinary Shares in lieu of any cash dividend at any
                time.";

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ee)

            	
              by
                deleting in Article 153.1(b) the words commencing with "to the holders
                of
                Ordinary Shares in proportion to the nominal amounts of the shares"
                and
                ending with the words "and were distributed by way of dividend" and
                substituting therefor the words "to the holders of Ordinary Shares
                (whether or not fully paid) in proportion to the number of such shares
                held by them respectively";

            

    

    

    
      	 	
              (ff)

            	
              by
                adding the following further proviso at the end of Article
                153.1(b):

            

    

    

    "and
      provided further that the sum appropriated as hereinbefore mentioned need not
      be
      in the same currency as the securities which it is to be used to pay up but
      in
      that event and for the purpose of determining the extent to which such
      securities are paid up by such sum the Board shall select such rate of exchange
      as it shall consider appropriate.";

    

    
      	
            	(gg)	
              by
                inserting the following new Article as Article
                153.2:

            

    

    

    
      	 	
              "153.2

            	
              Whenever
                the Ordinary Shares are denominated in different currencies and the
                Board
                is given authority under Article 153.1 to make an allotment of new
                Ordinary Shares credited as fully paid the holders of Ordinary Shares
                shall unless in respect of all or any of such Shares the Board otherwise
                resolves receive by virtue of such allotment Ordinary Shares (credited
                as
                fully paid) denominated in the same currency as the Ordinary Shares
                in
                right of which they are allotted. If the Board resolves otherwise
                in
                respect of any Ordinary Shares it may determine either that the holders
                of
                such Shares should receive, or that the holders of such Shares should
                have
                the right to elect to receive, Ordinary Shares denominated in some
                currency other than that in which their Shares are denominated and
                so that
                the Board may if it thinks fit exercise its powers under this Article
                differently in relation to different Ordinary Shares. The rights
                attached
                to an Ordinary Share shall not be deemed to be varied or abrogated
                by
                reason only that any Ordinary Share offered or allotted to the holder
                thereof in pursuance of this Article is denominated in a different
                currency from or the same currency as any other Ordinary Share allotted
                to
                any other holder of Ordinary Shares on the same occasion or is denominated
                in the same or a different currency from the Ordinary Share in right
                of
                which it is allotted.";

            

    

    

    
      	
            	(hh)	
              by
                adding the following sentence at the end of Article
                154.1:

            

    

    

    "Different
      dates may be fixed as record dates in respect of shares registered on different
      Registers."; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (ii)

            	
              by
                inserting the following as a new Article 166.1 and renumbering the
                existing Article 166.1 as Article
                166.2:

            

    

    

    
      	
            	"166.1	
              If
                the Company is wound up, the assets available for distribution among
                the
                holders of Ordinary Shares shall be distributed among such holders
                in
                proportion to the number of Ordinary Shares held by them respectively
                notwithstanding that such Ordinary Shares may be denominated in different
                currencies. The distribution of any amount under this Article to
                the
                holder of any Ordinary Share which at the date of such distribution
                is not
                fully paid up shall be adjusted so as to ensure that the holder gives
                credit against such distribution for the amount remaining unpaid
                on his
                share.";

            

    

    

    
      	 	
              (iii)

            	
              in
                substitution for any other authority conferred upon the Directors
                to allot
                relevant securities of the Company (but without prejudice to any
                exercise
                of such other authority prior to the date on which this Resolution
                becomes
                effective), the Directors be and they are hereby generally and
                unconditionally authorised pursuant to and for the purposes of section
                80
                of the Companies Act 1985 ("the Act") to exercise all the powers
                of the
                Company to allot relevant securities (within the meaning of that
                section)
                up to an aggregate nominal amount of HK$3,698,512,180 and £1,125,000,000
                provided that this authority shall be limited so that, otherwise
                than
                pursuant to:

            

    

    

    
      	 	
              (a)

            	
              the
                Offer, proposals and arrangements referred to in paragraphs (A) and
                (B) of
                this Resolution or any acquisition of shares of Midland pursuant
                to
                sections 428 to 430F of the Act or otherwise;
                or

            

    

    

    
      	 	
              (b)

            	
              a
                rights issue in favour of (a) ordinary shareholders where the relevant
                securities respectively attributable to the interests of all ordinary
                shareholders are proportionate (or as nearly as may be) to the respective
                numbers of Ordinary Shares held by them and (b) holders of securities,
                bonds, debentures or warrants which, in accordance with the rights
                attaching thereto, are entitled to participate in such a rights issue,
                but
                subject to such exclusions or other arrangements as the Directors
                may deem
                necessary or expedient in relation to fractional entitlements or
                having
                regard to any restrictions or obligations under the laws of or the
                requirements of any regulatory body or stock exchange in any territory
                or
                otherwise howsoever; or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              the
                terms of any share scheme for employees of the Company or any of
                its
                subsidiaries; or

            

    

    

    
      	 	
              (d)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the
                Company,

            

    

    

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority shall not in aggregate exceed HK$815,074,391 and £26,400,000
      (equal to approximately 5 per cent of the nominal amount of each class of the
      Ordinary Shares of the Company expected to be in issue assuming full acceptance
      of the Offer) and such authority shall expire at the conclusion of the Annual
      General Meeting of the Company to be held in 1993 save that this authority
      shall
      allow the Company before the expiry of this authority to make offers or
      agreements which would or might require relevant securities to be allotted
      after
      such expiry and the Directors may allot relevant securities in pursuance of
      such
      offers or agreements as if the authority conferred hereby had not
      expired;

    

    
      	 	
              (iv)

            	
              the
                Directors be and they are hereby empowered, pursuant to section 95
                of the
                Act, to allot equity securities (as defined by section 94 of the
                Act)
                pursuant to the authority conferred by this Resolution as if section
                89(1)
                of the Act did not apply to any such allotment provided that this
                power
                shall expire at the conclusion of the Annual General Meeting of the
                Company to be held in 1993 save that this power shall enable the
                Company
                prior to the expiry of this power to make offers or agreements which
                would
                or might require equity securities to be allotted after the expiry
                of this
                power and the Directors may allot equity securities in pursuance
                of such
                offers or agreements as if the power conferred hereby had not expired,
                and
                all authorities previously conferred under section 95 of the Act
                shall be
                revoked on the date on which this Resolution becomes effective but
                without
                prejudice to any exercise of such other authorities prior to the
                date on
                which this Resolution becomes effective;
                and

            

    

    

    
      	
            	(v)	
              the
                Directors be and are hereby
                empowered:

            

    

    

    
      	 	
              (a)

            	
              to
                exercise the power conferred on them by Article 151 of the Articles
                of
                Association of the Company as altered by this Resolution in respect
                of all
                or part of any dividend payable in respect of any financial period
                of the
                Company ending on or before 31 December
                1996;

            

    

    

    
      	 	
              (b)

            	
              to
                capitalise from time to time the appropriate nominal amount or amounts
                of
                new shares of the Company falling to be allotted pursuant to elections
                made under the Company's scrip dividend scheme out of the amount
                or
                amounts standing to the credit of any reserve account or fund of
                the
                Company, to apply that sum in paying up in full the relevant number
                of
                such new shares and to allot such new shares pursuant to such elections;
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              generally
                to implement the Company's scrip dividend scheme on such terms and
                conditions as the Directors may from time to time determine and to
                take
                such other actions as the Directors may deem necessary or desirable
                from
                time to time in respect of the Company's scrip dividend
                scheme.

            

    

    

    W
      Purves

    Chairman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

     

    
      
        

      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    RESOLUTION

    of

    HSBC
      Holdings plc

    

    
      
 

    Passed
      9
      June 1992

     

    
      

    

    

    At
      the
      Separate General Meeting of the holders of the Ordinary Shares of HK$10 each
      in
      the capital of HSBC Holdings plc held on Level 18, 1 Queen's Road Central,
      Hong
      Kong on Tuesday, 9 June 1992, the following EXTRAORDINARY RESOLUTION was
      passed:

    

    EXTRAORDINARY
      RESOLUTION

    

    THAT
      this
      Separate General meeting of the holders of the Ordinary Shares of HK$10 each
      in
      the capital of the Company ("the Ordinary Shares") hereby approves and sanctions
      on behalf of the holders of all the Ordinary Shares the passing as a Special
      Resolution of the Company of the Resolution set out in the Notice dated 11
      May
      1992 convening an Extraordinary General Meeting of the Company for Tuesday,
      9
      June 1992 and approves and sanctions on behalf as aforesaid each and every
      variation, modification or abrogation of the rights attached to the Ordinary
      Shares as is or may be involved in or effected by or pursuant to the passing
      or
      coming into effect of the said Resolution as aforesaid or as results or may
      result from any issue of shares or other securities contemplated by the said
      Resolution.

    

    W
      Purves

    Chairman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

     

      
        

      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      28
      May 1993

     

    
      

    

    

    At
      the
      Annual General Meeting of the above-named Company duly convened and held on
      28
      May 1993, the following Resolutions were duly passed:

    

    ORDINARY
      RESOLUTION

    

    
      	
              4

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 ("the Act") to exercise all the powers of the Company to
                allot
                relevant securities (within the meaning of that section) up to an
                aggregate nominal amount of HK$3,089,694,650 and £204,018,865 provided
                that this authority shall be limited so that, otherwise than pursuant
                to:

            

    

    

    
      	 	
              (a)

            	
              a
                rights issue, or other issue in favour of (i) ordinary shareholders
                where
                the relevant securities respectively attributable to the interests
                of all
                ordinary shareholders are proportionate (or as nearly as may be)
                to the
                respective number of Ordinary Shares held by them and (ii) holders
                of
                securities, bonds, debentures or warrants which, in accordance with
                the
                rights attaching thereto, are entitled to participate in such a rights
                issue, or other issue, but subject to such exclusions or other
                arrangements as the Directors may deem necessary or expedient in
                relation
                to fractional entitlements or securities represented by depositary
                receipts or having regard to any restrictions or obligations under
                the
                laws of or the requirements of any regulatory body or stock exchange
                in
                any territory or otherwise howsoever;
                or

            

    

    

    
      	 	
              (b)

            	
              the
                terms of any share scheme for employees of the Company or any of
                its
                subsidiary undertakings; or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

    

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the
                Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority shall not in aggregate exceed HK$845,515,260 and £30,602,829
      (equal to approximately 5 per cent. of the nominal amount of each class of
      Ordinary Shares of the Company in issue at the date of the Notice of this
      Meeting) and such authority shall expire at the conclusion of the Annual General
      Meeting of the Company to be held in 1994 save that this authority shall allow
      the Company before the expiry of this authority to make offers or agreements
      which would or might require relevant securities to be allotted after such
      expiry and the Directors may allot relevant securities in pursuance of such
      offers or agreements as if the authority conferred hereby had not
      expired.

    

    SPECIAL
      RESOLUTIONS

    

    
      	
              5

            	
              THAT,
                subject to the passing of Resolution No. 4 set out in the Notice
                convening
                this Meeting, the Directors be and they are hereby empowered, pursuant
                to
                section 95 of the Companies Act 1985 ("the Act") to allot equity
                securities (as defined by section 94 of the Act) pursuant to the
                authority
                conferred by Resolution No 4 as if section 89(1) of the Act did not
                apply
                to any such allotment, provided that this power shall expire at the
                conclusion of the Annual General Meeting of the Company to be held
                in 1994
                save that this power shall enable the Company prior to the expiry
                of this
                power to make offers or agreements which would or might require equity
                securities to be allotted after the expiry of this power and the
                Directors
                may allot equity securities in pursuance of such offers or agreements
                as
                if the power conferred hereby had not
                expired.

            

    

    

    
      	
              9

            	
              THAT:

            

    

    

    
      	 	
              (A)

            	
              the
                authorised share capital of the Company denominated in pounds sterling
                be
                increased from £1,125,301,500 to £1,625,301,500 by the creation of
                500,000,000 non-cumulative preference shares of £1 each, such shares
                having attached thereto the rights and privileges and being subject
                to the
                limitations and restrictions set forth in the Articles of Association
                of
                the Company as altered by this
                resolution;

            

    

    

    
      	 	
              (B)

            	
              in
                addition to and without prejudice to any other authority conferred
                upon
                the Directors to allot relevant securities of the Company including
                the
                authority conferred by Resolution No. 4 set out in the Notice convening
                this Meeting, the Directors be and they are hereby generally and
                unconditionally authorised pursuant to and for the purposes of section
                80
                of the Companies Act 1985 to exercise all the powers of the Company
                to
                allot all the 500,000,000 non-cumulative preference shares of £1 each
                created by paragraph (A) of this resolution, and this authority shall
                expire at the conclusion of the Annual General Meeting of the Company
                to
                be held in 1994 save that this authority shall allow the Company
                before
                the expiry of this authority to make offers or agreements which would
                or
                might require the allotment of all or any of such shares after such
                expiry
                and the Directors may allot such shares in pursuance of such offers
                or
                agreements as if the authority conferred hereby had not expired;
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (C) the
      Articles of Association of the Company be altered:

     

    
      	
            	
              (i) 

            	
              by
                adding the following expression and meaning in Article
                2.1:

            

    

     

    
      
        	 	
                "Sterling
                  Preference Share

              	
                a
                  non-cumulative preference share of
£1";

              

      

    

     

    
      	
            	
              (ii)

            	
              by
                deleting Article 4.1 and substituting therefor the following:
                

            

    

     

    
      	 	
              "4.1

            	
              The
                authorised share capital of the Company is HK$20,000,000,000 denominated
                in Hong Kong dollars divided into 2,000,000,000 Ordinary Shares of
                HK$10
                each and £1,625,301,500 denominated in pounds sterling divided into
                1,500,000,000 Ordinary Shares of 75p each, 500,000,000 Sterling Preference
                Shares of £1 each and 301,500 Non-voting Deferred Shares of £1
                each.";

            

    

    

    
      	 	
              (iii)

            	
              by
                renumbering the existing Articles 5 and 5.1 as Articles 5A and 5A.1
                respectively and by inserting the following as a new Article
                5:

            

    

    

    
      	
              5

            	
              Rights
                of the Sterling Preference
                Shares

            

    

    

    
      	
              5.1

            	
              The
                following rights and restrictions shall be attached to the Sterling
                Preference Shares: 

            

    

    

    
      	 	
              (1)

            	
              The
                Sterling Preference Shares shall rank pari passu inter se. They shall
                confer the rights and be subject to the limitations set out in this
                Article. They shall also confer such further rights (not being
                inconsistent with the rights set out in this Article) and be subject
                to
                such further limitations and restrictions as may be attached by the
                Board
                to such shares prior to allotment. Whenever the Board has power under
                this
                Article to determine any of the rights attached to any of the Sterling
                Preference Shares, the rights so determined need not be the same
                as those
                attached to the Sterling Preference Shares which have then been allotted
                or issued. The Sterling Preference Shares may be issued in one or
                more
                separate series and each series shall be identified in such manner
                as the
                Board may determine without any such determination or identification
                requiring any alteration to these
                Articles.

            

    

    

    
      	 	
              (2)

            	
              Each
                Sterling Preference Share shall confer the following rights as to
                dividend, capital, the receipt of notices of meetings, attendance
                at
                meetings and voting:

            

    

    

    Income

    

    
      	 	
              (a)

            	
              the
                right (subject to the provisions of paragraph (4) of this Article,
                if
                applicable) in priority to the payment of any dividend to the holders
                of
                Ordinary Shares and in priority to or pari passu with any payment
                of any
                dividend to the holders of any other class of shares in issue (other
                than
                shares which by their terms rank in priority to the Sterling Preference
                Shares as regards income) to a non-cumulative preferential dividend
                in
                sterling payable at such rate (whether fixed, variable or floating
                or to
                be determined by a specified procedure, mechanism or formula) on
                such
                dates and on such other terms and conditions as may be determined
                by the
                Board prior to allotment thereof;

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Capital

    

    
      	 	
              (b)

            	
              the
                right in a winding up of the Company (but not, unless otherwise provided
                by the terms of issue of such share, upon a redemption, reduction
                or
                purchase by the Company of any of its share capital) to receive out
                of the
                assets of the Company available for distribution to its members in
                priority to any payment to the holders of the Ordinary Shares and
                in
                priority to or pari passu with the holders of any other class of
                shares of
                the Company in issue (other than shares which by their terms rank
                in
                priority to the Sterling Preference Shares as regards repayment of
                capital):

            

    

    

    
      	
            	(i)	
              a
                sum in sterling equal to

            

    

    

    
      	 	
              (A)

            	
              the
                amount of any dividend which is due for payment after the date of
                commencement of the winding up but which is payable in respect of
                a period
                ending on or before such date; and

            

    

    

    
      	 	
              (B)

            	
              if
                the date of commencement of the winding up falls before the last
                day of a
                period in respect of which a dividend would have been payable and
                which
                began before such date, any further amount of dividend which would
                have
                been payable had such date been the last day of that
                period

            

    

    

    but
      only
      to the extent that any such amount or further amount was, or would have been,
      payable as a cash dividend in accordance with or pursuant to this Article;
      and

    

    
      	 	
              (ii)

            	
              subject
                thereto, a sum equal to the amount paid up or credited as paid up
                on such
                share together with such premium (if any) as may be determined by
                the
                Board (or by a procedure, mechanism or formula determined by the
                Board)
                prior to allotment thereof (and so that the Board may determine that
                such
                premium is payable only in specified
                circumstances);

            

    

    

    Receipt
      of notices

    

    
      	 	
              (c)

            	
              the
                right to have sent to the holder of such share (at the same time
                as the
                same are sent to the holders of Ordinary Shares) all notices of general
                meetings of the Company and a copy of every circular or other like
                document sent out by the Company to the holders of Ordinary
                Shares.

            

    

    

    Attendance
      and voting at meetings

    

    
      	 	
              (d)

            	
              the
                right to attend and vote at general meetings of the
                Company:-

            

    

     

    
      
        	 	
                (i)

              	
                if
                  the dividend which is (or, but for any applicable provision of
                  paragraph
                  (4) of this Article, would be) most recently payable on such share
                  shall
                  not have been paid in full;

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (ii)

            	
              if
                a resolution is to be proposed at the meeting varying or abrogating
                any of
                the rights attached to the class of shares of which such share forms
                part
                (and then only to speak and vote upon the relevant resolution);
                or

            

    

    

    
      	 	
              (iii)

            	
              in
                such other circumstances, and upon and subject to such terms, as
                the Board
                may determine prior to allotment of such
                share;

            

    

    

    but
      not
      otherwise, together with the right, if so determined by the Board prior to
      allotment of such share, to join in a requisition of a general meeting of the
      Company in such circumstances, and upon and subject to such terms, as the Board
      may determine prior to allotment of such share.

    

    Whenever
      holders of Sterling Preference Shares are entitled to vote on a resolution,
      on a
      show of hands every such holder who is present in person shall have one vote
      and
      on a poll every such holder who is present in person or by proxy shall have
      one
      vote for every £1 in nominal amount of Sterling Preference share capital held by
      him.

    

    Limitations

    

    (3) No
      Sterling Preference Share shall:-

    

    
      	 	
              (a)

            	
              confer
                any right to participate in the profits or assets of the Company
                other
                than that set out in sub-paragraphs (2)(a) and (b) of this
                Article;

            

    

    

    
      	 	
              (b)

            	
              subject
                to the Act, confer any right to participate in any offer or invitation
                by
                way of rights or otherwise to subscribe for additional shares or
                securities in the Company;

            

    

    

    
      	 	
              (c)

            	
              confer
                any right of conversion; or

            

    

    

    
      	 	
              (d)

            	
              confer
                any right to participate in any issue of bonus shares or shares issued
                by
                way of capitalisation of reserves save as set out in sub-paragraph
                (4)(d)
                of this Article.

            

    

    

    Further
      provision as to income

    

    
      	 	
              (4)

            	
              All
                or any of the following provisions shall apply in relation to any
                Sterling
                Preference Shares of any series (“relevant Sterling Preference Shares”) if
                so determined by the Board prior to allotment
                thereof:-

            

    

    

    
      	 	
              (a)

            	
              (i)

            	
              if,
                on any date ("the relevant date") on which a dividend ("the relevant
                dividend") would otherwise fall to be paid on any relevant Sterling
                Preference Shares, the profits of the Company available for distribution
                are, in the opinion of the Board, insufficient to enable payment
                in full
                to be made of the relevant dividend,
                then:-

            

    

    

    
      	 	
              (A)

            	
              none
                of the relevant dividend shall be payable;
                or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (B)

            	
              the
                Board shall (after payment in full, or the setting aside of a sum
                required
                for payment in full, of all dividends payable on or before the relevant
                date on any shares in the capital of the Company in priority to the
                relevant Sterling Preference Shares) apply such profits, if any,
                in paying
                dividends to the holders of participating shares (as defined below)
                pro
                rata to the amounts of dividend on participating shares accrued and
                payable on or before the relevant date. For the purposes of this
                paragraph, the expression "participating shares" shall mean the relevant
                Sterling Preference Shares and any other shares in the capital of
                the
                Company which rank pari passu as to participation in profits with
                the
                relevant Sterling Preference Shares and on which either (1) a dividend
                is
                payable on the relevant date or (2) arrears of cumulative dividend
                are
                unpaid at the relevant date,

            

    

    

    but
      so
      that, if the Board determines prior to allotment of any relevant Sterling
      Preference Shares that the provisions of this sub-paragraph (a)(i) shall apply
      in relation thereto, they shall apply one (but not both) of (A) and (B)
      above;

    

    
      	 	
              (ii)

            	
              if
                it shall subsequently appear that any such dividend which has been
                paid in
                whole or in part should not, in accordance with the provisions of
                this
                sub-paragraph, have been so paid, then provided the Board shall have
                acted
                in good faith, they shall not incur any liability for any loss which
                any
                shareholder may suffer in consequence of such payment having been
                made;

            

    

    

    
      	 	
              (b)

            	
              if
                in the opinion of the Board the payment of any dividend on any relevant
                Sterling Preference Shares would breach or cause a breach of the
                Bank of
                England's capital adequacy requirements from time to time applicable
                to
                the Company and/or any of its subsidiaries then none of such dividend
                shall be payable;

            

    

    

    
      	 	
              (c)

            	
              if
                a dividend or any part thereof on any relevant Sterling Preference
                Shares
                is not paid for the reasons specified in sub-paragraphs (a) or (b)
                above,
                the holders of such shares shall have no claim in respect of such
                non-payment save as provided in sub-paragraph (d) below (if
                applicable);

            

    

    

    
      	 	
              (d)

            	
              (i)

            	
              the
                provisions of this sub-paragraph (d) shall apply where any dividend
                otherwise payable on a particular date on any relevant Sterling Preference
                Shares (a "relevant instalment") is, for the reasons specified in
                sub-paragraphs (a)(i)(A) or (b) above, not payable and the amounts
                (if
                any) standing to the credit of any of the Company's reserves, including
                capital redemption reserve (if any) and share premium account (if
                any), or
                profit and loss account and available for the purpose are in aggregate
                sufficient to be applied and capable of being applied in paying up
                in full
                at par additional Sterling Preference Shares on the basis hereinafter
                provided in this sub-paragraph (d);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (ii)

            	
              on
                the date for payment of the relevant instalment had such instalment
                been
                paid, the Board shall, subject to the Act, allot and issue credited
                as
                fully paid to each holder of relevant Sterling Preference Shares
                such
                additional nominal amount of Sterling Preference Shares (disregarding
                any
                fractional entitlement) as is equal to an amount determined by multiplying
                the cash amount of the relevant instalment which would have been
                payable
                to him had such instalment been payable (exclusive of any associated
                tax
                credit) by a factor to be determined by the Board prior to allotment
                of
                the relevant Sterling Preference
                Shares;

            

    

    

    
      	 	
              (iii)

            	
              for
                the purposes of paying up additional Sterling Preference Shares to
                be
                allotted pursuant to this sub-paragraph (d), the Board shall appropriate,
                out of such of the accounts or reserves of the Company available
                for the
                purpose as they shall determine, a sum equal to the aggregate nominal
                amount of the additional Sterling Preference Shares then to be allotted
                and shall make all appropriations and applications of such sum and
                all
                allotments and issues of fully paid Sterling Preference Shares and
                generally do all acts and things required to give effect thereto
                as they
                shall determine to be necessary or
                expedient;

            

    

    

    
      	 	
              (iv)

            	
              as
                from the date of allotment thereof the additional Sterling Preference
                Shares allotted pursuant to this sub-paragraph (d) shall confer the
                same
                rights and be subject to the same limitations as, and shall rank
                pari
                passu in all respects with, the relevant Sterling Preference Shares
                save
                only as regards participation in the relevant
                instalment;

            

    

    

    
      	 	
              (v)

            	
              if
                any additional Sterling Preference Shares falling to be allotted
                pursuant
                to this sub-paragraph (d) cannot be allotted by reason of any
                insufficiency in the Company's authorised share capital or in the
                amount
                of relevant securities which the Board is authorised to allot in
                accordance with section 80 of the Companies Act 1985, the Board shall
                convene a general meeting, to be held as soon as practicable, for
                the
                purpose of considering a resolution or resolutions effecting an
                appropriate increase in the authorised share capital and granting
                the
                Board appropriate authority to allot relevant
                securities;

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (vi)

            	
              the
                Board may undertake and do such acts and things as it may consider
                necessary or expedient for the purposes of giving effect to the provisions
                of this sub-paragraph (d).

            

    

    

    
      	 	
              (e)

            	
              if
                any dividend on any relevant Sterling Preference Shares is not paid
                in
                full (or a sum is not set aside to provide for its payment in full),
                the
                Company may not (without the written consent of three quarters in
                nominal
                value of, or the sanction of an extraordinary resolution passed at
                a
                separate general meeting of, the holders of relevant Sterling Preference
                Shares) thereafter redeem, reduce, purchase or otherwise acquire
                for any
                consideration any other share capital of the Company ranking pari
                passu
                with or after the relevant Sterling Preference Shares (and may not
                set
                aside or establish any sinking fund for any such redemption, reduction,
                purchase or other acquisition) until such time as dividends on the
                relevant Sterling Preference Shares in respect of such period as
                the Board
                shall determine prior to allotment of the relevant Sterling Preference
                Shares shall have been paid in full (or a sum shall have been set
                aside to
                provide for such payment in full);

            

    

     

    
      	
            	
              (f)

            	
              if
                any dividend on any relevant Sterling Preference Shares is not paid
                in
                full (or a sum is not set aside to provide for its payment in full),
                no
                dividend may thereafter be declared or paid on any other share capital
                of
                the Company ranking as to dividend after the relevant Sterling Preference
                Shares (and no sum may be set aside for the payment of any such dividend
                on any other such share capital) until such time as dividends on
                the
                relevant Sterling Preference Shares in respect of such period as
                the Board
                shall determine prior to allotment of the relevant Sterling Preference
                Shares shall have been paid in full (or a sum shall have been set
                aside to
                provide for such payment in full);

            

    

     

    
      	 	
              (g)

            	
              dividends
                payable on Sterling Preference Shares shall accrue from and to the
                dates
                determined by the Board prior to allotment thereof, and the amount
                of (or
                in respect of) any dividend payable in respect of any period shorter
                than
                a full dividend period will be calculated on the basis of a 365 day
                year
                (or, in a leap year, a 366 day year), and the actual number of days
                elapsed in such period.

            

    

    

    Redemption

    

    
      	 	
              (5)

            	
              (a)

            	
              Unless
                otherwise determined by the Board in relation to Sterling Preference
                Shares of any series prior to allotment thereof, the Sterling Preference
                Shares shall, subject to the provisions of the Act, be redeemable
                at the
                option of the Company; 

            

    

    

    
      	 	
              (b)

            	
              In
                the case of any series of Sterling Preference Shares which are to
                be so
                redeemable:

            

    

    

    
      	 	
              (i)

            	
              the
                Company may, subject to the provisions of the Act, redeem on any
                Redemption Date (as hereinafter defined) all or some only of the
                Sterling
                Preference Shares of such series by giving to the holders of the
                Sterling
                Preference Shares to be redeemed not less than 14 days' nor more
                than 60
                days' prior notice in writing (a "Notice of Redemption") of the relevant
                Redemption Date. "Redemption Date" means, in relation to a Sterling
                Preference Share of a particular series, any date which falls no
                earlier
                than five years and one day after the first date of allotment of
                Sterling
                Preference Shares of that series (or such later date as the Board
                determines prior to allotment);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (ii)

            	
              there
                shall be paid on each Sterling Preference Share so redeemed, in sterling,
                the aggregate of the nominal amount thereof and any premium credited
                as
                paid up on such share together with the sum which would have been
                payable
                pursuant to sub-paragraph (2)(b)(i) of this Article if the Redemption
                Date
                had been the date of commencement of a winding up of the Company;
                

            

    

    

    
      	 	
              (iii)

            	
              in
                the case of redemption of some only of the Sterling Preference Shares
                in
                any series, the Company shall for the purpose of determining the
                particular Sterling Preference Shares to be redeemed cause a drawing
                to be
                made at the Office or such other place as the Board may approve in
                the
                presence of the Auditors;

            

    

    

    
      	 	
              (iv)

            	
              any
                Notice of Redemption given under sub-paragraph (b)(i) above shall
                specify
                the applicable Redemption Date, the particular Sterling Preference
                Shares
                to be redeemed and the redemption price (specifying the amount of
                the
                accrued and unpaid dividend per share to be included therein and
                stating
                that dividends on the Sterling Preference Shares to be redeemed will
                cease
                to accrue on redemption), and shall state the place or places at
                which
                documents of title or such other evidence as may be accepted by the
                Board
                in respect of such Sterling Preference Shares are to be presented
                and
                surrendered for redemption and payment of the redemption monies is
                to be
                effected. Upon such Redemption Date, the Company shall redeem the
                particular Sterling Preference Shares to be redeemed on that date
                subject
                to the provisions of this paragraph and of the Act. No defect in
                the
                Notice of Redemption or in the giving thereof shall affect the validity
                of
                the redemption proceedings

            

    

    

    
      	 	
              (v)

            	
              payments
                in respect of the amount due on redemption of a Sterling Preference
                Share
                shall be made by sterling cheque drawn on a bank in London or upon
                the
                request of the holder or joint holders not later than the date specified
                for the purpose in the Notice of Redemption by transfer to a sterling
                account maintained by the payee with a bank in London or by such
                other
                method as the Board may determine. Such payment will be made against
                presentation and surrender of the relative certificate at the place
                or one
                of the places specified in the Notice of Redemption or against such
                other
                evidence as may be accepted by the Board and if any certificate or
                other
                evidence aforesaid so surrendered includes any Sterling Preference
                Shares
                not to be redeemed on the relevant Redemption Date the Company shall
                within 14 days thereafter issue to the holder, free of charge a fresh
                certificate or other evidence aforesaid in respect of such Sterling
                Preference Shares.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    All
      payments in respect of redemption monies will in all respects be subject to
      any
      applicable fiscal or other laws;

    

    
      	 	
              (vi)

            	
              as
                from the relevant Redemption Date the dividend on the Sterling Preference
                Shares due for redemption shall cease to accrue except on any such
                Sterling Preference Shares in respect of which, upon due surrender
                of the
                certificate or other evidence aforesaid, payment of the redemption
                monies
                due on such Redemption Date shall be improperly withheld or refused,
                in
                which case such dividend, at the rate then applicable, shall be deemed
                to
                have continued and shall accordingly continue to accrue from the
                relevant
                Redemption Date to the date of payment of such redemption monies.
                Such
                Sterling Preference Shares shall not be treated as having been redeemed
                until the redemption monies in question together with the accrued
                dividend
                thereon shall have been paid;

            

    

    

    
      	 	
              (vii)

            	
              if
                the due date for the payment of the redemption monies on any Sterling
                Preference Share is not a day on which banks in London are open for
                business (a "Sterling Business Day") then payment of such monies
                will be
                made on the next succeeding day which is a Sterling Business Day
                and
                without any interest or other payment in respect of such delay;
                and

            

    

    

    
      	 	
              (viii)

            	
              the
                receipt of the holder for the time being of any Sterling Preference
                Shares
                (or, in the case of joint registered holders, the receipt of any
                one of
                them) for the monies payable on redemption thereof shall constitute
                an
                absolute discharge to the Company in respect
                thereof.

            

    

    

    
      	 	
              (c)

            	
              Upon
                the redemption or purchase of any Sterling Preference Shares the
                Board
                shall have power without any further resolution or consent to convert
                the
                authorised but unissued Sterling Preference Shares existing as a
                result of
                such redemption or purchase into shares of any other class of share
                capital into which the authorised share capital of the Company is
                or may
                be divided of the same nominal amount in sterling as the Sterling
                Preference Shares or into unclassified shares of the same nominal
                amount
                in sterling as the Sterling Preference
                Shares;

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (d)

            	
              Any
                Sterling Preference Shares redeemed pursuant to this paragraph (5)
                shall
                be cancelled on redemption.

            

    

    

    Purchase

    

    
      	 	
              (6)

            	
              Subject
                to the provisions of the Act, the Company may at any time purchase
                any
                Sterling Preference Shares (i) in the market, (ii) by tender (available
                alike to all holders of the same class of Sterling Preference Shares)
                or
                (iii) by private treaty, in each case upon such terms as the Board
                shall
                determine.

            

    

    

    Consolidation
      and division

    

    
      	 	
              (7)

            	
              Pursuant
                to the authority given by the passing of the resolution adopting
                this
                Article the Board may consolidate and divide and/or sub-divide any
                Sterling Preference Shares into shares of a larger or smaller
                amount.

            

    

    

    Restrictions
      on the Company

    

    
      	 	
              (8)

            	
              All
                or part of the provisions of this paragraph shall apply in relation
                to
                Sterling Preference Shares of any series ("relevant Sterling Preference
                Shares") if so determined by the Board prior to the allotment thereof
                and
                the Board may determine to attach other restrictions to relevant
                Sterling
                Preference Shares by their terms of issue. Save with the written
                consent
                of the holders of three quarters in nominal value of, or with the
                sanction
                of an extraordinary resolution passed at a separate general meeting
                of the
                holders of, the relevant Sterling Preference Shares, the Board shall
                not
                capitalise any part of the profits available for distribution or
                purchase
                or redeem any shares of the Company if after such capitalisation,
                purchase
                or redemption the amount of the profits available for distribution
                would
                be less than a multiple, determined by the Board prior to allotment
                of
                relevant Sterling Preference Shares, of the aggregate amount of the
                annual
                dividends (exclusive of any associated tax credit) payable on the
                Sterling
                Preference Shares then in issue and any other preference shares then
                in
                issue ranking as regards dividend pari passu with or in priority
                to them
                or any of them.

            

    

    

    Further
      preference shares

    

    
      	 	
              (9)

            	
              The
                special rights attached to any Sterling Preference Shares of any
                series
                allotted or in issue shall not (unless otherwise provided by their
                terms
                of issue) be deemed to be varied by the creation or issue of any
                other
                preference shares or further shares in any currency ("new shares")
                ranking
                as regards participation in the profits and assets of the Company
                pari
                passu with or in priority to such Sterling Preference Shares and
                so that
                any new shares ranking pari passu with such Sterling Preference Shares
                may
                either carry rights and restrictions identical in all respects with
                such
                Sterling Preference Shares or any of them or rights and restrictions
                differing therefrom in any respect including but without prejudice
                to the
                generality of the foregoing in
                that:

            

    

    

    
      	 	
              (a)

            	
              the
                rate of and/or basis of calculation of dividend may differ and the
                dividend may be cumulative or
                non-cumulative;

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (b)

            	
              the
                new shares or any series thereof may rank for dividend as from such
                date
                as may be provided by the terms of issue thereof and the dates of
                payment
                of dividend may differ;

            

    

    

    
      	 	
              (c)

            	
              a
                premium may be payable on return of capital or there may be no such
                premium;

            

    

    

    
      	 	
              (d)

            	
              the
                new shares may be redeemable at the option of the holder or of the
                Company, or may be non-redeemable, and if redeemable at the option
                of the
                Company they may be redeemable at different dates and on different
                terms
                from those applying to the Sterling Preference Shares;
                and

            

    

    

    
      	 	
              (e)

            	
              the
                new shares may be convertible into Ordinary Shares or any other class
                of
                shares ranking as regards participation in the profits and assets
                of the
                Company pari passu with or after such Sterling Preference Shares
                in each
                case on such terms and conditions as may be prescribed by the terms
                of
                issue thereof.

            

    

    

    Variation
      of class rights

     

    
      	
            	
              (10)

            	
              (a)

            	
              Subject
                to the provisions of the Act:

            

    

     

    
      	 	
              (i)

            	
              all
                or any of the rights, preference, privileges, limitations or restrictions
                for the time being attached to the Sterling Preference Shares may
                from
                time to time (whether or not the Company is being wound up) be varied
                or
                abrogated with the consent in writing of the holders of not less
                than
                three-quarters in nominal value of the Sterling Preference Shares
                of all
                series in issue or with the sanction of an extraordinary resolution
                passed
                at a separate general meeting of the holders of the Sterling Preference
                Shares, voting as a single class without regard for series;
                and

            

    

     

    
      	
            	
              (ii)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to Sterling Preference Shares of any
                series
                may be varied or abrogated so as to affect adversely such rights
                on a
                basis different from any other series of Sterling Preference Shares
                with
                the consent in writing of the holders of not less than three-quarters
                in
                nominal value of the Sterling Preference Shares of such series or
                with the
                sanction of an extraordinary resolution passed at a separate general
                meeting of the holders of Sterling Preference Shares of such series.
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    All
      the
      provisions of these Articles as to general meetings of the Company shall mutatis
      mutandis apply to any such separate general meeting, but so that the necessary
      quorum shall be two persons holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class, that every holder of shares
      of the class shall be entitled on a poll to one vote for every share of the
      class held by him, that any holder of shares of the class present in person
      or
      by proxy may demand a poll and that at any adjourned meeting of the holders
      one
      holder present in person or by proxy (whatever the number of shares held by
      him)
      shall be a quorum. 

    

    
      	 	
              (b)

            	
              Unless
                otherwise provided by its terms of issue, the rights attached to
                any
                Sterling Preference Share shall not be deemed to be varied or abrogated
                by
                a reduction of any share capital or purchase by the Company or redemption
                of any share capital in each case ranking as regards participation
                in the
                profits and assets of the Company in priority to or pari passu with
                or
                after such Sterling Preference
                Share.

            

    

     

    W
      Purves

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

     

    THE
      COMPANIES ACT 1985 AND 1989

    

    
      
        

      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    RESOLUTIONS

    

    OF

    

    HSBC
      HOLDINGS PLC

    

    
      
 

    Passed
      22
      March 1996

     

    
      

    

    

    At
      a
      Board Meeting of HSBC Holdings plc duly convened and held on 22 March 1996,
      the
      following resolutions were duly passed pursuant to Section 380 (as amended
      by
      Regulation 40(3)):

    

    RESOLUTIONS

    

    
      	
              1.

            	
              Pursuant
                to Regulation 16(2) of the Uncertificated Securities Regulations
                1995
                ("the Regulations"), IT WAS RESOLVED
                that:

            

    

    

    
      	 	
              (a)

            	
              title
                to the Ordinary Shares of 75p each in the capital of the Company
                (the "75p
                Shares"), in issue or to be issued, may be transferred by means of
                a
                relevant system (as defined in the
                Regulations);

            

    

    

    
      	 	
              (b)

            	
              such
                relevant system shall include the relevant system of which CRESTCo
                Limited
                is to be the Operator (as defined in the
                Regulations);

            

    

    

    
      	 	
              (c)

            	
              the
                75p Shares shall not include any shares referred to in Regulation
                17;
                and

            

    

    

    
      	 	
              (d)

            	
              this
                resolution shall become effective
                immediately.

            

    

    

    
      	
              2.

            	
              Pursuant
                to Regulation 16(2) of the Uncertificated Securities Regulations
                1995
                ("the Regulations"), IT WAS RESOLVED
                that:

            

    

    

    
      	 	
              (a)

            	
              title
                to the Ordinary Shares of HK$10 each in the capital of the Company
                (the
                "HK$10 Shares"), in issue or to be issued, may be transferred by
                means of
                a relevant system (as defined in the
                Regulations);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              such
                relevant system shall include the relevant system of which CRESTCo
                Limited
                is to be the Operator (as defined in the
                Regulations);

            

    

    

    
      	 	
              (c)

            	
              the
                HK$10 Shares shall not include any shares referred to in Regulation
                17;
                and

            

    

    

    
      	 	
              (d)

            	
              this
                resolution shall become effective
                immediately.

            

    

     

    W
      Purves

    Chairman

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

     

    
      
 

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

     

    
      

    

    

    Passed
      30
      May 1997

     

    
      

    

    

    At
      the
      Annual General Meeting of HSBC Holdings plc held at Barbican Hall, Barbican
      Centre, London EC2Y 8DS on Friday, 30 May 1997, the following Resolutions were
      passed:

    

    ORDINARY
      RESOLUTIONS

    

    
      	
              4

            	
              THAT
                pursuant to Article 104.1 of the Articles of Association of the Company
                with effect from 1 January 1997 the Directors (other than alternate
                directors) shall be entitled to receive £25,000 per annum by way of fees
                for their services as Directors.

            

    

    

    
      	
              5

            	
              THAT
                the Directors be and are hereby
                empowered:

            

    

    

    
      	 	
              (a)

            	
              to
                exercise the power conferred upon them by Article 151 of the Articles
                of
                Association of the Company in respect of all or part of any dividend
                payable in respect of any financial period of the Company ending
                on or
                before 31 December 2001;

            

    

    

    
      	 	
              (b)

            	
              to
                capitalise from time to time the appropriate nominal amount or amounts
                of
                new shares of the Company falling to be allotted pursuant to elections
                made under the Company's scrip dividend scheme out of the amount
                or
                amounts standing to the credit of any reserve account or fund of
                the
                Company, to apply that sum in paying up in full the relevant number
                of
                such new shares and to allot such new shares pursuant to such elections;
                and

            

    

    

    
      	 	
              (c)

            	
              generally
                to implement the Company's scrip dividend scheme on such terms and
                conditions as the Directors may from time to time determine and to
                take
                such other actions as the Directors may deem necessary or desirable
                from
                time to time in respect of the Company's scrip dividend
                scheme.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              6

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 to exercise all the powers of the Company to allot relevant
                securities (within the meaning of that section) up to an aggregate
                nominal
                amount of HK$1,790,628,600 and £565,333,400 (of which up to £500,000,000
                shall be in the form of non-cumulative Sterling Preference Shares
                of £1
                each) provided that this authority shall be limited so that, otherwise
                than pursuant to:

            

    

    

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors, to (i) Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them
                and
                (ii) holders of securities, bonds, debentures or warrants which,
                in
                accordance with the rights attaching thereto, are entitled to participate
                in such a rights issue or other issue, but subject to such exclusions
                or
                other arrangements as the Directors may deem necessary or expedient
                in
                relation to fractional entitlements or securities represented by
                depositary receipts or having regard to any restrictions or obligations
                under the laws of or the requirements of any regulatory body or stock
                exchange in any territory or otherwise howsoever;
                or

            

    

    

    
      	 	
              (b)

            	
              the
                terms of any share scheme for employees of the Company or any of
                its
                subsidiary undertakings; or

            

    

    

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company; or
                

            

    

    

    
      	 	
              (d)

            	
              the
                allotment of up to 500,000,000 non-cumulative Sterling Preference
                Shares
                of £1 each in the capital of the
                Company,

            

    

    

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority shall not in aggregate exceed HK$895,314,300 and £32,666,700
      (equal to approximately 5 per cent of the nominal amount of each class of
      Ordinary Shares of the Company in issue at the date of the Notice of this
      Meeting) and such authority shall expire at the conclusion of the Annual General
      Meeting of the Company to be held in 1998 save that this authority shall allow
      the Company before the expiry of this authority to make offers or agreements
      which would or might require relevant securities to be allotted after such
      expiry and the Directors may allot relevant securities in pursuance of such
      offers or agreements as if the authority conferred hereby had not
      expired.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SPECIAL
      RESOLUTION

    

    
      	
              7

            	
              THAT,
                subject to the passing of Resolution No. 6 set out in the Notice
                convening
                this Meeting, the Directors be and they are hereby empowered, pursuant
                to
                section 95 of the Companies Act 1985 ("the Act") to allot equity
                securities (as defined by section 94 of the Act) pursuant to the
                authority conferred by Resolution No. 6 as if section 89(1) of the
                Act did
                not apply to any such allotment, provided that this power shall expire
                at
                the conclusion of the Annual General Meeting of the Company to be
                held in
                1998 save that this power shall enable the Company prior to the expiry
                of
                this power to make offers or agreements which would or might require
                equity securities to be allotted after such expiry and the Directors
                may
                allot equity securities in pursuance of such offers or agreements
                as if
                the power conferred hereby had not
                expired.

            

    

     

    W
      Purves

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

     

    
      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

     

    
      
 

    Passed
      29
      May 1998

     

    
      

    

    

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 29 May 1998, the following Resolutions were
      passed:

     

    ORDINARY
      RESOLUTION

    

    
      	
              4

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 to exercise all the powers of the Company to allot relevant
                securities (within the meaning of that section) up to an aggregate
                nominal
                amount of HK$1,801,612,500 and £565,605,000 (of which up to £500,000,000
                shall be in the form of non-cumulative Sterling Preference Shares
                of £1
                each) provided that this authority shall be limited so that, otherwise
                than pursuant to:

            

    

    

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors, to (i) Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them
                and
                (ii) holders of securities, bonds, debentures or warrants which,
                in
                accordance with the rights attaching thereto, are entitled to participate
                in such a rights issue or other issue, but subject to such exclusions
                or
                other arrangements as the Directors may deem necessary or expedient
                in
                relation to fractional entitlements or securities represented by
                depositary receipts or having regard to any restrictions or obligations
                under the laws of or the requirements of any regulatory body or stock
                exchange in any territory or otherwise howsoever;
                or

            

    

    

    
      	 	
              (b)

            	
              the
                terms of any share scheme for employees of the Company or any of
                its
                subsidiary undertakings; or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company; or
                

            

    

    

    
      	 	
              (d)

            	
              the
                allotment of up to 500,000,000 non-cumulative Sterling Preference
                Shares
                of £1 each in the capital of the
                Company,

            

    

    

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority shall not in aggregate exceed HK$900,806,250 and £32,802,500
      (equal to approximately 5 per cent of the nominal amount of each class of
      Ordinary Shares of the Company in issue at the date of the Notice of this
      Meeting) and such authority shall expire at the conclusion of the Annual General
      Meeting of the Company to be held in 1999 save that this authority shall allow
      the Company before the expiry of this authority to make offers or agreements
      which would or might require relevant securities to be allotted after such
      expiry and the Directors may allot relevant securities in pursuance of such
      offers or agreements as if the authority conferred hereby had not
      expired.

    

    SPECIAL
      RESOLUTION

    

    
      	
              5

            	
              THAT,
                subject to the passing of Resolution No. 4 set out in the Notice
                convening
                this Meeting, the Directors be and they are hereby empowered, pursuant
                to
                section 95 of the Companies Act 1985 ("the Act") to allot equity
                securities (as defined by section 94 of the Act) pursuant to the
                authority
                conferred by Resolution No. 4 as if section 89(1) of the Act did
                not apply
                to any such allotment, provided that this power shall expire at the
                conclusion of the Annual General Meeting of the Company to be held
                in 1999
                save that this power shall enable the Company prior to the expiry
                of this
                power to make offers or agreements which would or might require equity
                securities to be allotted after such expiry and the Directors may
                allot
                equity securities in pursuance of such offers or agreements as if
                the
                power conferred hereby had not
                expired.

            

    

     

    W
      Purves

     
      Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

                                                                                   
      

    THE
      COMPANIES ACTS 1985 AND 1989

     

    
      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

     

    
      
 

    Passed
      28
      May 1999 

     

    
      

    

     

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 28 May 1999, the following Resolutions were
      passed:

     

    SPECIAL
      RESOLUTIONS

     

    
      	
              4

            	
              THAT,
                subject to the passing as Special Resolutions of Resolutions 5 and
                6 in
                the Notice convening this Meeting:

            

    

     

    
      	 	
              (a)

            	
              the
                ordinary share capital of the Company be reduced by cancelling and
                extinguishing all of the issued and unissued Ordinary Shares of HK$10
                each
                and Ordinary Shares of 75p each (“Existing
                Ordinary Shares”);
                and

            

    

     

    
      	 	
              (b)

            	
              forthwith
                and contingently upon such reduction of capital taking
                effect:

            

    

     

    
      	 	
              (i)

            	
              the
                authorised share capital of the Company be increased by such amount
                in
                United States dollars (“the
                US$ Amount”)
                divided into new Ordinary Shares with a nominal value of US$1.50
                each
                (“US$
                Shares”)
                as represents the aggregate amount resulting from the creation of
                such
                number of US$ Shares as is equal to the aggregate number of issued
                Existing Ordinary Shares as is cancelled by such reduction of capital
                (“the
                Required Number”),
                such US$ Shares to have the same rights and privileges attached thereto
                (save as to the amount paid up on each share) as are attached by
                the
                Articles of Association of the Company to the Existing Ordinary
                Shares;

            

    

     

    
      	 	
              (ii)

            	
              the
                reserve arising in the books of the Company as a result of the
                cancellation and extinguishing of the issued Ordinary Shares of HK$10
                each
                be converted into United States dollars at the spot rate of exchange
                for
                the purchase of United States dollars with Hong Kong dollars
                (“the
                HK$/US$ Rate”)
                as quoted by Midland Bank plc in the London Foreign Exchange Market
                at or
                about 4.00 pm (London time) on the business day (being a day on which
                banks are ordinarily open for the transaction of normal banking business
                in London) before the date (“the
                Effective Date”)
                on which the Court order confirming the reduction of capital is registered
                by the Registrar of Companies in England and Wales, and the reserve
                arising in the books of the Company as a result of the cancellation
                and
                extinguishing of the issued Ordinary Shares of 75p each be converted
                into
                United States dollars at the spot rate of exchange for the purchase
                of
                United States dollars with pounds sterling (“the
                £/US$ Rate”)
                as quoted by Midland Bank plc in the London Foreign Exchange Market
                at or
                about 4.00 pm (London time) on the business day before the Effective
                Date,
                in each case such rate to be the rate as conclusively certified by
                an
                officer of Midland Bank plc;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iii)

            	
              the
                sum standing in the books of the Company as a result of the conversion
                referred to in sub-paragraph (ii) above (“the
                US$ Reserve”)
                be applied in paying up new US$ Shares in full at par in accordance
                with
                sub-paragraph (v) below, provided that if there would otherwise be
                any
                amount remaining in the US$ Reserve once as many as possible US$
                Shares
                have been paid up in full at par, one of such US$ Shares be paid
                up at a
                premium equal to such amount;

            

    

     

    
      	 	
              (iv)

            	
              if
                the US$ Reserve is less than the US$ Amount, on the recommendation
                of the
                Directors and notwithstanding anything to the contrary in the Articles
                of
                Association, such part of the Company’s reserves (“the
                Additional Reserve”)
                (the reserve or reserves to be used for this purpose to be determined
                by
                the Directors and so that any reserves as are denominated in pounds
                sterling shall first be converted into United States dollars at the
£/US$
                Rate) be applied in paying up in full at par in accordance with
                sub-paragraph (v) below such number of additional new US$ Shares
                as is
                equal to the number by which the number of new US$ Shares paid up
                pursuant
                to sub-paragraph (iii) above is less than the Required
                Number;

            

    

     

    
      	 	
              (v)

            	
              each
                of the US$ Reserve and (where necessary) the Additional Reserve be
                separately applied so as to pay up in aggregate the Required Number
                of new
                US$ Shares, such shares to be allotted and issued credited as fully
                paid
                to those persons who appear on the register of members of the Company
                on
                the Effective Date ten minutes before the time at which the Court
                order
                confirming the reduction of capital is registered by the Registrar
                of
                Companies in England and Wales as the holders of cancelled Existing
                Ordinary Shares in the proportion of one new US$ Share for each Existing
                Ordinary Share held by them; and

            

    

     

    
      	 	
              (vi)

            	
              in
                addition to and without prejudice to any other authority conferred
                upon
                the Directors to allot relevant securities of the Company, the Directors
                be and they are hereby generally and unconditionally authorised pursuant
                to and for the purposes of section 80 of the Companies Act 1985 to
                exercise all the powers of the Company to allot all the new US$ Shares
                created by this Resolution (aggregating a maximum nominal amount
                in United
                States dollars of relevant securities as is equal to the Required
                Number
                multiplied by US$1.50) and this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in
                2000.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5

            	
              THAT
                subject to the passing as Special Resolutions of Resolutions 4 and
                6 in
                the Notice convening this Meeting and forthwith and contingently
                upon the
                reduction of capital referred to in Resolution 4 taking effect and
                subject
                to the allotment and issue of the new US$ Shares (as defined in Resolution
                4) therein referred to having been effected pursuant to sub-paragraph
                (b)(v) of Resolution 4, each such US$ Share be subdivided into three
                Ordinary Shares of US$0.50 each, such Ordinary Shares of US$0.50
                each to
                have the same rights and privileges attached thereto as are set out
                in the
                Articles of Association of the Company, as altered pursuant to the
                provisions of Resolution 6.

            

    

     

    
      	
              6

            	
              THAT:
                

            

    

     

    
      	 	
              (a)

            	
              subject
                to the passing as Special Resolutions of Resolutions 4 and 5 in the
                Notice
                convening this Meeting and forthwith and contingently upon the reduction
                of capital referred to in Resolution 4 taking effect and subject
                to the
                allotment and issue of the new US$ Shares and the subdivision referred
                to
                in Resolutions 4 and 5 having been
                effected:

            

    

     

    
      	 	
              (i)

            	
              the
                authorised share capital of the Company be increased to US$5,250,000,000
                and £500,301,500 by the creation of such number of new Ordinary Shares
                of
                US$0.50 each as is equal to 10,500,000,000 shares less the number
                of
                Ordinary Shares of US$0.50 each in issue following the subdivision
                referred to in Resolution 5 having become
                effective;

            

    

     

    
      	 	
              (ii)

            	
              certificates
                representing Existing Ordinary Shares shall cease to be valid;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                Articles of Association of the Company be and are hereby altered
                as
                follows:

            

    

     

    
      	 	
              (A)

            	
              by
                deleting in the meaning of the expression “Ordinary Shares” in Article 2.1
                the words “having a nominal amount of HK$10 or
                75p”;

            

    

     

    
      	 	
              (B)

            	
              by
                inserting after the expression “HK$” in Article 2.1 the following new
                expression:

            

    

     

    “US$
       United
      States dollars”;

    

    
      	 	
              (C)

            	
              by
                deleting Article 4.1 and substituting therefor the
                following:

            

    

     

    “4.1
      The
      authorised share capital of the Company is US$5,250,000,000 divided into
      10,500,000,000 Ordinary Shares of US$0.50 each and £500,301,500 divided into
      500,000,000 Sterling Preference Shares of £1 each and 301,500 Non-voting
      Deferred Shares of £1 each”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (D)

            	
              by
                adding the following at the end of Article
                34.1:

            

    

     

    “In
      the
      case of an instrument of transfer expressed to be a transfer of Ordinary Shares
      of HK$10 each or Ordinary Shares of 75p each and bearing a date which is on
      or
      before the date on which the Court order confirming the reduction of capital
      approved by Special Resolution passed at the Annual General Meeting held on
      28
      May 1999 (or at any adjourned meeting) is registered by the Registrar of
      Companies in England and Wales, such transfer shall until 30 September 1999
      be
      deemed to be, and treated as, a transfer of a number of Ordinary Shares of
      US$0.50 each equal to three times the number of Ordinary Shares of HK$10 each
      or
      Ordinary Shares of 75p each specified in such transfer.”;

    

    
      	 	
              (E)

            	
              by
                deleting Article 55.5 and substituting therefor the
                following:

            

    

     

    “55.5
      For
      the purposes of section 376(2)(b) of the Act any amount paid up on any Ordinary
      Share in any currency other than sterling shall be treated as if it had been
      converted into sterling at such rate of exchange prevailing at or about the
      date
      of the requisition as the Board shall determine.”; and

     

    
      	 	
              (F)

            	
              with
                effect from 30 September 1999, by deleting the expression “HK$” in Article
                2.1 and the meaning thereof and by deleting the additions made by
                sub-paragraph (D) above; and

            

    

     

    
      	 	
              (b)

            	
              definitions
                used in Resolution 4 have the same meaning in this
                Resolution.

            

    

     

    
      	
              7

            	
              THAT
                the Articles of Association of the Company be and are hereby altered
                as
                follows:

            

    

     

    
      	 	
              (a)

            	
              by
                inserting, at the end of the meaning of the expression “Act” in Article
                2.1 the words “(including, without limitation, the
                Regulations)”;

            

    

     

    
      	 	
              (b)

            	
              by
                deleting the meaning of the expression “The Stock Exchange” in Article 2.1
                and substituting therefor “London Stock Exchange Limited or other
                principal stock exchange in the United Kingdom for the time being”;
                

            

    

     

    
      	 	
              (c)

            	
              by
                inserting after the expression “Register” in Article 2.1 the following new
                expression:

            

    

     

    
      	
            	“Regulations   
              	
              The
                Uncertificated Securities Regulations 1995 (SI 1995 No. 3272) including
                any modifications thereof and rules made thereunder or any regulations
                in
                substitution therefor made under section 207 of the Companies Act
                1989 for
                the time being in force”;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              by
                deleting in Article 12.1 the words “under the
                Seal”;

            

    

     

    
      	 	
              (e)

            	
              by
                deleting Article 12.2;

            

    

     

    
      	 	
              (f)

            	
              by
                adding in Article 13.3:

            

    

     

    
      	 	
              (i)

            	
              the
                words “, including those” after the word “expenses” in line
                4;

            

    

     

    
      	 	
              (ii)

            	
              a
                comma after the word “security” in line
                5;

            

    

     

    
      	 	
              (iii)

            	
              the
                words “, damaged” after the word “defaced” in line 6;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                words “but without further charge” at the
                end;

            

    

     

    
      	 	
              (g)

            	
              by
                adding the following proviso at the end of Article 35.1 after the
                word
                “so”:

            

    

     

    “provided
      that the Board shall not refuse to register any transfer of partly paid shares
      which are listed on The Stock Exchange on the grounds that they are partly
      paid
      shares in circumstances where such refusal would prevent dealing in such shares
      from taking place on an open and proper basis. References herein to a transfer
      shall be deemed to include renunciation of a renounceable letter of
      allotment”;

     

    
      	 	
              (h)

            	
              by
                adding the following new Article
                35.2:

            

    

     

    “35.2
      A
      transfer of shares will not be registered in the circumstances envisaged by
      Article 81.”;

     

    
      	 	
              (i)

            	
              by
                adding the following words at the end of Article 48.1 after the word
                “shares”:

            

    

     

    “or
      the
      trust deed or other instrument constituting, or the terms of issue of, the
      convertible shares provide for the Company purchasing its own equity
      shares”;

     

    
      	 	
              (j)

            	
              by
                deleting in Article 57.1(b) the words “accounts and balance sheet” and
                “balance sheet” and substituting therefor in each case the words “annual
                accounts”;

            

    

     

    
      	 	
              (k)

            	
              by
                the deletion in Article 57.1(c) of the words “and the fixing of their fees
                pursuant to Article 104”;

            

    

     

    
      	 	
              (l)

            	
              by
                adding the following new Article
                65.2:

            

    

     

    “65.2
      The
      Board may direct that any person wishing to attend any meeting should submit
      to
      such searches or other security arrangements or restrictions as the Board shall
      consider appropriate in the circumstances and shall be entitled in its absolute
      discretion to refuse entry to any meeting to any person who fails to submit
      to
      such searches or to otherwise comply with such security arrangements or
      restrictions.”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (m)

            	
              by
                adding in Article 81.1 the words “, which expression includes shares
                issued after the date of such notice in right of those shares” after the
                words “the default shares”;

            

    

     

    
      	 	
              (n)

            	
              by
                renumbering Article 81.1(b) and (c) as Article 81.1(b)(i) and (ii)
                respectively,

            

    

     

    and
      by
      adding the following new Article 81.1(b):

     

    “(b)
      where the default shares represent at least 0.25 per cent. in nominal value
      of
      the issued shares of their class:”;

     

    
      	 	
              (o)

            	
              by
                adding in Article 81.2 (a) after the word “transfer” the words “but only
                in respect of the shares
                transferred”;

            

    

     

    
      	 	
              (p)

            	
              by
                deleting in Article 81.4(d) the number “42” and substituting therefor
                “14”;

            

    

     

    
      	 	
              (q)

            	
              by
                deleting in Article 81.4(e)(i) the words “section 14 of the Company
                Securities (Insider Dealing) Act 1985” and substituting therefor the words
                “section 428 of the Act”;

            

    

     

    
      	 	
              (r)

            	
              by
                deleting in Article 81.4(e)(ii) the words “person or any” and substituting
                therefor the words “investment exchange (as defined in section 207 of the
                Financial Services Act 1986) or any
                other”;

            

    

     

    
      	 	
              (s)

            	
              by
                deleting in Article 82.1(b) the words “two national daily newspapers” and
                substituting therefor the words “one national newspaper” and adding after
                the words “United Kingdom” the words “and one newspaper circulating in the
                area of the address on the Register or other last known address of
                the
                member or the person entitled by transmission to the share or the
                address
                for the service of notices notified under Article 160.3 (unless any
                such
                address shall be in Hong Kong),”;

            

    

     

    
      	 	
              (t)

            	
              by
                deleting in Article 88.1(b) the reference to “35” and substituting
                therefor “42”;

            

    

     

    
      	 	
              (u)

            	
              by
                making the following changes to Article
                132.1:

            

    

     

    
      	 	
              (i)

            	
              adding
                after the word “he” in line 4 the words “has an interest which (together
                with any interest of any person connected with him within the meaning
                of
                section 346 of the Act)”;

            

    

     

    
      	 	
              (ii)

            	
              deleting
                the words “materially interested” in line 5 and substituting therefor the
                words “a material interest otherwise than by virtue of his interest in
                shares or debentures or other securities of or otherwise in or through
                the
                Company”;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iii)

            	
              deleting
                the words “subsidiaries” in paragraphs (a) and (b) and substituting
                therefor the words “subsidiary
                undertakings”;

            

    

     

    
      	 	
              (iv)

            	
              by
                deleting paragraphs (c) to (g) inclusive and substituting therefor
                the
                following paragraphs:

            

    

     

    
      	 	
              “(c)

            	
              any
                proposal concerning an offer of shares or debentures or other securities
                of or by the Company or any of its subsidiary undertakings in which
                offer
                he is or may be entitled to participate as a holder of securities
                or in
                the underwriting or sub-underwriting of which he is to
                participate;

            

    

     

    
      	 	
              (d)

            	
              any
                proposal concerning any other body corporate in which he (together
                with
                persons connected with him within the meaning of section 346 of the
                Act)
                does not to his knowledge have an interest (as the term is used in
                Part VI
                of the Act) in one per cent. or more of the issued equity share capital
                of
                any class of such body corporate or of the voting rights available
                to
                members of such body corporate;

            

    

     

    
      	 	
              (e)

            	
              any
                proposal relating to an arrangement for the benefit of the employees
                of
                the Company or any of its subsidiary undertakings which does not
                award him
                any privilege or benefit not generally awarded to the employees to
                whom
                such arrangement relates; or

            

    

     

    
      	 	
              (f)

            	
              any
                proposal concerning insurance which the Company proposes to maintain
                or
                purchase for the benefit of Directors or for the benefit of persons
                who
                include Directors.”;

            

    

     

    
      	 	
              (v)

            	
              by
                deleting Article 136;

            

    

     

    
      	 	
              (w)

            	
              by
                adding in Article 148.1 after the words “Every cheque, warrant or order is
                sent at the risk of the person entitled to the money represented
                by it”
                the words “, shall be crossed in accordance with the Cheques Act 1992 or
                in such other manner as the Board may from time to time approve” and
                deleting in the same sentence the words “the order
                of”;

            

    

     

    
      	 	
              (x)

            	
              by
                adding at the end of Article 151.1(c) after the word “allotted” the
                following:

            

    

     

    “The
      Board may make such provisions as it thinks fit for the application of any
      residual dividend entitlement remaining following the calculation of the
      entitlement of a holder of Ordinary Shares to new Ordinary Shares pursuant
      to
      Article 151.1(b) including provisions whereby, in whole or in part, the benefit
      thereof accrues to the Company and/or under which such entitlements are accrued
      and/or retained and in each case accumulated on behalf of any member and such
      accruals or retentions are applied to the allotment by way of bonus to or cash
      subscription on behalf of such member of fully paid Ordinary Shares and/or
      provisions whereby cash payments may be made to members in respect of such
      entitlements”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (y)

            	
              by
                deleting the existing Article 154.1 and substituting the following
                new
                Article 154.1:

            

    

     

    “154.1
      Notwithstanding any other provision of these Articles but without prejudice
      to
      the rights attached to any shares and subject always to the Act, the Company
      or
      the Board may by Resolution specify any date (the “record date”) as the date at
      the close of business (or such other time as the Board may determine) on which
      persons registered as the holders of shares or other securities shall be
      entitled to receipt of any dividend, distribution, interest, allotment, issue,
      notice, information, document or circular and such record date may be on or
      at
      any time before the date on which the same is paid or made or (in the case
      of
      any dividend, distribution, interest, allotment or issue) at any time before
      or
      after the same is recommended, resolved, declared or announced but without
      prejudice to the rights inter
      se
      in
      respect of the same of transferors and transferees of any such shares or other
      securities. Different dates may be fixed as record dates in respect of shares
      registered on different Registers”;

     

    
      	 	
              (z)

            	
              by
                deleting in Article 162.2 the word “sufficient” and substituting therefor
                the word “conclusive”;

            

    

     

    
      	 	
              (aa)

            	
              by
                deleting in Article 168.1 the word “Auditor”;
                and

            

    

     

    
      	 	
              (bb)

            	
              by
                adding the following new Article
                170:

            

    

     

    “170 Uncertificated
      shares

     

    
      	 	
              170.1

            	
              Notwithstanding
                anything in these Articles to the contrary, any shares in the Company
                may
                be issued, held, registered, converted to, transferred or otherwise
                dealt
                with in uncertificated form and converted from uncertificated form
                to
                certificated form in accordance with the Regulations and practices
                instituted by the operator of the relevant system. Any provisions
                of these
                Articles shall not apply to any uncertificated shares to the extent
                that
                such provisions are inconsistent
                with:

            

    

     

    (a) the
      holding of shares in uncertificated form;

     

    
      	 	
              (b)

            	
              the
                transfer of title to shares by means of a relevant system;
                or

            

    

     

    (c) any
      provision of the Regulations.

     

    
      	 	
              170.2

            	
              Without
                prejudice to the generality and effectiveness of the
                foregoing:

            

    

     

    
      	 	
              (a)

            	
              Articles
                12, 13 and 34 and the second and third sentence of Article 36 shall
                not
                apply to uncertificated shares and the remainder of Article 36 shall
                apply
                in relation to such shares as if the reference therein to the date
                on
                which the transfer was lodged with the Company were a reference to
                the
                date on which the appropriate instruction was received by or on behalf
                of
                the Company in accordance with the facilities and requirements of
                the
                relevant system;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              without
                prejudice to Article 35 in relation to uncertificated shares, the
                Board
                may also refuse to register a transfer of uncertificated shares in
                such
                other circumstances as may be permitted or required by the Regulations
                and
                the relevant system;

            

    

     

    
      	 	
              (c)

            	
              references
                in these Articles to a requirement on any person to execute or deliver
                an
                instrument of transfer or certificate or other document which shall
                not be
                appropriate in the case of uncertificated shares shall, in the case
                of
                uncertificated shares, be treated as references to a requirement
                to comply
                with any relevant requirements of the relevant system and any relevant
                arrangements or regulations which the Board may make from time to
                time
                pursuant to Article 170.2(k) below;

            

    

     

    
      	 	
              (d)

            	
              for
                the purposes referred to in Article 42, a person entitled by transmission
                to a share in uncertificated form who elects to have some other person
                registered shall either:

            

    

     

    
      	 	
              (i)

            	
              procure
                that instructions are given by means of the relevant system to effect
                transfer of such uncertificated share to that person;
                or

            

    

     

    
      	 	
              (ii)

            	
              change
                the uncertificated share to certificated form and execute an instrument
                of
                transfer of that certificated share to that
                person;

            

    

     

    
      	 	
              (e)

            	
              the
                Company shall enter on the Principal Register the number of shares
                which
                are held by each member in uncertificated form and in certificated
                form
                and shall maintain the Principal Register in each case as is required
                by
                the Regulations and the relevant system and, unless the Board otherwise
                determines, holdings of the same holder or joint holders in certificated
                form and uncertificated form may be treated by the Company as separate
                holdings for such purpose or purposes as the Board may in its absolute
                discretion determine;

            

    

     

    
      	 	
              (f)

            	
              a
                class of share shall not be treated as two classes by virtue only
                of that
                class comprising both certificated shares and uncertificated shares
                or as
                a result of any provision of these Articles or the Regulations which
                applies only in respect of certificated shares or uncertificated
                shares;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (g)

            	
              references
                in Article 44 to instruments of transfer shall include, in relation
                to
                uncertificated shares, instructions and/or notifications made in
                accordance with the relevant system relating to the transfer of such
                shares;

            

    

     

    
      	 	
              (h)

            	
              for
                the purposes referred to in Article 46, the Board may in respect
                of
                uncertificated shares authorise some person to transfer and/or require
                the
                holder to transfer the relevant shares in accordance with the facilities
                and requirements of the relevant
                system;

            

    

     

    
      	 	
              (i)

            	
              for
                the purposes of Article 148.1, any payment in the case of uncertificated
                shares may be made by means of the relevant system (subject always
                to the
                facilities and requirements of the relevant system) and without prejudice
                to the generality of the foregoing such payment may be made by the
                sending
                by the Company or any person on its behalf of an instruction to the
                operator of the relevant system to credit the cash memorandum account
                of
                the holder or joint holders of such shares or, if permitted by the
                Company, of such person as the holder or joint holders may in writing
                direct and for the purposes of Article 148.1 the making of a payment
                in
                accordance with the facilities and requirements of the relevant system
                concerned shall be a good discharge to the
                Company;

            

    

     

    
      	 	
              (j)

            	
              subject
                to the Act, the Board may issue shares as certificated shares or
                as
                uncertificated shares in its absolute discretion and Articles 6,
                151 and
                153 shall be construed accordingly;

            

    

     

    
      	 	
              (k)

            	
              the
                Board may make such arrangements or regulations (if any) as it may
                from
                time to time in its absolute discretion think fit in relation to
                the
                evidencing and transfer of uncertificated shares and otherwise for
                the
                purpose of implementing and/or supplementing the provisions of this
                Article 170 and the Regulations and the facilities and requirements
                of the
                relevant system and such arrangements and regulations (as the case
                may be)
                shall have the same effect as if set out in this Article
                170;

            

    

     

    
      	 	
              (l)

            	
              the
                Board may utilise the relevant system to the fullest extent available
                from
                time to time in the exercise of the Company’s powers or functions under
                the Act or these Articles or otherwise in effecting any actions;
                and

            

    

     

    
      	 	
              (m)

            	
              the
                Board may resolve that a class of shares is to become a participating
                security and may at any time determine that a class of shares shall
                cease
                to be a participating security. 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              170.3

            	
              Where
                any class of shares in the capital of the Company is a participating
                security and the Company is entitled under any provisions of the
                Act or
                the rules made and practices instituted by the operator of any relevant
                system or under these Articles to dispose of, forfeit, enforce a
                lien or
                sell or otherwise procure the sale of any shares which are held in
                uncertificated form, such entitlement (to the extent permitted by
                the
                Regulations and the rules made and practices instituted by the operator
                of
                the relevant system) shall include the right
                to:

            

    

     

    
      	 	
              (a)

            	
              request
                or require the deletion of any computer-based entries in the relevant
                system relating to the holding of such shares in uncertificated form;
                and/or

            

    

     

    
      	 	
              (b)

            	
              require
                any holder of any uncertificated shares which are the subject of
                any
                exercise by the Company of any such entitlement, by notice in writing
                to
                the holder concerned, to change his holding of such uncertificated
                shares
                into certificated form within such period as may be specified in
                the
                notice, prior to completion of any disposal, sale or transfer of
                such
                shares or direct the holder to take such steps, by instructions given
                by
                means of a relevant system or otherwise, as may be necessary to sell
                or
                transfer such shares; and/or

            

    

     

    
      	 	
              (c)

            	
              appoint
                any person to take such other steps, by instruction given by means
                of a
                relevant system or otherwise, in the name of the holder of such shares
                as
                may be required to effect transfer of such shares and such steps
                shall be
                as effective as if they had been taken by the registered holder of
                the
                uncertificated shares concerned;
                and/or

            

    

     

    
      	 	
              (d)

            	
              transfer
                any uncertificated shares which are the subject of any exercise by
                the
                Company of any such entitlement by entering the name of the transferee
                in
                the Principal Register in respect of that share as a transferred
                share;
                and/or

            

    

     

    
      	 	
              (e)

            	
              otherwise
                rectify or change the Principal Register in respect of that share
                in such
                manner as may be appropriate; and

            

    

     

    
      	 	
              (f)

            	
              take
                such other action as may be necessary to enable those shares to be
                registered in the name of the person to whom the shares have been
                sold or
                disposed of or as directed by him. 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    170.4 For
      the
      purposes of this Article 170:

     

    
      	 	
              (a)

            	
              words
                and expressions shall have the same respective meanings as in the
                Regulations;

            

    

     

    
      	 	
              (b)

            	
              references
                herein to an uncertificated share or to a share (or to a holding
                of
                shares) being in uncertificated form are references to that share
                being an
                uncertificated unit of a security, and references to a certificated
                share
                or to a share being in certificated form are references to that share
                being a unit of a security which is not an uncertificated unit;
                and

            

    

     

    
      	 	
              (c)

            	
              “cash
                memorandum account” means an account so designated by the operator of the
                relevant system.”

            

    

     

    ORDINARY
      RESOLUTION

     

    
      	
              8

            	
              THAT,
                in addition to and without prejudice to the other authorities conferred
                by
                the Resolutions in the Notice convening this Meeting:
                

            

    

     

    
      	 	
              (a)

            	
              the
                Directors be and they are hereby generally and unconditionally authorised
                pursuant to and for the purposes of section 80 of the Companies Act
                1985
                to exercise all the powers of the Company to allot relevant securities
                (within the meaning of that section) up to an aggregate nominal amount
                of
                HK$1,838,916,100 and £767,014,378 (of which £500,000,000 is in the form of
                non-cumulative preference shares of £1 each);
                and

            

    

     

    
      	 	
              (b)

            	
              subject
                to and with effect from the reduction of capital, consolidation,
                subdivision and associated matters referred to in Resolutions 4 and
                5 in
                the Notice convening this Meeting (“the
                Capital Reorganisation”)
                becoming effective, in substitution for the authority granted by
                sub-paragraph (a) of this Resolution but without prejudice to any
                prior
                exercise of such authority, the Directors be and they are hereby
                generally
                and unconditionally authorised pursuant to and for the purposes of
                section
                80 of the Companies Act 1985 to exercise all the powers of the Company
                to
                allot relevant securities (within the meaning of that section) up
                to an
                aggregate nominal amount of US$809,866,171 and £500,000,000 (in the form
                of non-cumulative preference shares of £1 each) provided that, if the
                authority granted by sub-paragraph (a) of this Resolution shall have
                been
                exercised before the Capital Reorganisation becomes effective, the
                said
                nominal amount of US$809,866,171 shall be reduced by US$1.50 for
                every
                HK$10 or 75p in nominal amount (as the case may be) in respect of
                which
                such authority has been so exercised in respect of the allotment
                of
                Ordinary Shares of HK$10 each or Ordinary Shares of 75p each (as
                the case
                may be) (“Existing
                Ordinary Shares”)
                and the said nominal amount of £500,000,000 shall be reduced by £1 for
                every £1 in nominal amount in respect of which such authority has been so
                exercised in respect of the allotment of non-cumulative preference
                shares
                of £1 each;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    provided
      that these authorities shall be limited so that, otherwise than pursuant
      to:

     

    
      	 	
              (i)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

     

    
      	 	
              (A)

            	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and
                

            

    

     

    
      	 	
              (B)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue, 

            

    

     

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

     

    
      	 	
              (ii)

            	
              the
                terms of any share scheme for employees of the Company or any of
                its
                subsidiary undertakings; or

            

    

     

    
      	 	
              (iii)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

     

    
      	 	
              (iv)

            	
              the
                allotment of up to 500,000,000 non-cumulative preference shares of
£1 each
                in the capital of the Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to the authority granted by sub-paragraph (a) of this Resolution wholly for
      cash
      shall not in aggregate exceed HK$908,054,190 and £33,129,206 (being equal to
      approximately 5 per cent. of the nominal amount of each class of Ordinary Shares
      of the Company in issue at the date of the Notice of this Meeting) and, with
      effect from the Capital Reorganisation becoming effective, the nominal amount
      of
      relevant securities to be allotted by the Directors pursuant to the authority
      granted by sub-paragraph (b) of this Resolution wholly for cash shall not in
      aggregate exceed US$202,466,541 (being equal to approximately 5 per cent. of
      the
      nominal amount of the Ordinary Shares of the Company expected to be in issue
      following the Capital Reorganisation having become effective based on the number
      of Ordinary Shares in issue at the date of the Notice of this Meeting) provided
      that the said nominal amount of US$202,466,541 shall be reduced by US$1.50
      for
      every HK$10 or 75p in nominal amount (as the case may be) of Existing Ordinary
      Shares in respect of which an allotment wholly for cash shall be made by the
      Directors pursuant to the authority granted by sub-paragraph (a) of this
      Resolution prior to the Capital Reorganisation becoming effective, and such
      authorities shall expire (in so far as they have not previously expired) at
      the
      conclusion of the Annual General Meeting of the Company to be held in 2000
      save
      that these authorities shall allow the Company before the expiry of these
      authorities to make offers or agreements which would or might require relevant
      securities to be allotted after such expiry and the Directors may allot relevant
      securities in pursuance of such offers or agreements as if the authorities
      conferred hereby had not expired.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SPECIAL
      RESOLUTION

     

    
      	
              9

            	
              THAT
                subject to the passing as an Ordinary Resolution of Resolution 8
                in the
                Notice convening this Meeting, the Directors be and they are hereby
                empowered, pursuant to section 95 of the Companies Act 1985 (“the Act”) to
                allot equity securities (as defined by section 94 of the Act) pursuant
                to
                the authorities conferred by Resolution 8 as if section 89(1) of
                the Act
                did not apply to any such allotment, provided that this power shall
                expire
                at the conclusion of the Annual General Meeting of the Company to
                be held
                in 2000 save that this power shall enable the Company before the
                expiry of
                this power to make offers or agreements which would or might require
                equity securities to be allotted after such expiry and the Directors
                may
                allot equity securities in pursuance of such offers or agreements
                as if
                the power conferred hereby had not
                expired.

            

    

     

    ORDINARY
      RESOLUTION

     

    
      	
              10

            	
              THAT
                the Company be and is generally and unconditionally authorised to
                make
                market purchases (within the meaning of section 163 of the Companies
                Act
                1985) of Ordinary Shares of 75p each and Ordinary Shares of HK$10
                each in
                the capital of the Company (“Sterling
                Ordinary Shares”
                and “HK
                dollar Ordinary Shares”
                respectively and together “Ordinary
                Shares”)
                and the Directors are authorised to exercise such authority provided
                that:

            

    

     

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                88,344,551 Sterling Ordinary Shares and 181,610,839 HK dollar Ordinary
                Shares;

            

    

     

    
      	 	
              (b)

            	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is 75p or HK$10 (as the case may be) (or, where relevant, the
                equivalent in the relevant currency in which the purchase is effected
                calculated by reference to the spot rate of exchange for the purchase
                of
                pounds sterling or Hong Kong dollars (as the case may be) with such
                other
                currency as quoted by Midland Bank plc in the London Foreign Exchange
                Market at or about 11.00 am (London time) on the business day (being
                a day
                on which banks are ordinarily open for the transaction of normal
                banking
                business in London) prior to the date on which the Ordinary Share
                is
                contracted to be purchased, in each case such rate to be the rate
                as
                conclusively certified by an officer of Midland Bank
                plc);

            

    

     

    
      	 	
              (c)

            	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent. of the average of the middle
                market quotations for the relevant class of Ordinary Shares (as derived
                from the Daily Official List of the London Stock Exchange Limited)
                for the
                five dealing days immediately preceding the day on which the Ordinary
                Share is contracted to be purchased or (ii) 105 per cent. of the
                average
                of the closing prices for the relevant class of Ordinary Shares on
                The
                Stock Exchange of Hong Kong Limited for the five dealing days immediately
                preceding the day on which the Ordinary Share is contracted to be
                purchased, in each case converted (where relevant) into the relevant
                currency in which the purchase is effected calculated by reference
                to the
                spot rate of exchange for the purchase of such currency with the
                currency
                in which the quotation and/or price is given as quoted by Midland
                Bank plc
                in the London Foreign Exchange Market at or about 11.00 am (London
                time)
                on the business day prior to the date on which the Ordinary Share
                is
                contracted to be purchased, in each case such rate to be the rate
                as
                conclusively certified by an officer of Midland Bank
                plc;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2000;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such contract,

            

    

     

    provided
      that, in the event that the Capital Reorganisation (as defined in Resolution
      8
      in the Notice convening this Meeting) becomes effective, without prejudice
      to
      any prior exercise of the authority granted by this Resolution, the references
      (i) in this Resolution to “Ordinary Shares of 75p each and Ordinary Shares of
      HK$10 each in the capital of the Company (“Sterling
      Ordinary Shares”
and
      “HK
      dollar Ordinary Shares”
      respectively and together “Ordinary
      Shares”)”;
      (ii)
      in paragraph (a) of this Resolution to “88,344,551 Sterling Ordinary Shares and
      181,610,839 HK dollar Ordinary Shares”; (iii) in paragraph (b) of this
      Resolution to “75p or HK$10 (as the case may be)”; and (iv) in paragraph (b) of
      this Resolution to “pounds sterling or Hong Kong dollars (as the case may be)”
shall be deemed instead to be to (i) “Ordinary Shares of US$0.50 each in the
      capital of the Company (“Ordinary
      Shares”)”;
      (ii)
“809,866,170 Ordinary Shares” (or if this authority to make market purchases of
      Sterling Ordinary Shares or HK dollar Ordinary Shares is exercised prior to
      the
      Capital Reorganisation, 809,866,170 Ordinary Shares less the number of Sterling
      Ordinary Shares and/or HK dollar Ordinary Shares the subject of the exercise
      of
      such authority multiplied by three); (iii) “US$0.50”; and (iv) “United States
      dollars”, and the words “relevant class of” shall be deemed to be deleted in
      paragraph (c) of this Resolution before the words “Ordinary Shares” in each case
      where such words appear.

     

    J
      R H Bond

    Chairman

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [logo]

    

    CERTIFICATE
      OF REGISTRATION

    OF
      ORDER OF COURT AND MINUTE

    ON

    REDUCTION
      OF CAPITAL

    

    No.
      617987

     

    Whereas
      HSBC HOLDINGS PLC

    

    having
      by
      Special Resolution reduced its capital as confirmed by an Order of the High
      Court of Justice, Chancery Division

    

    dated
      the
30th
      June 1999

    

    Now
      therefore I hereby certify that the said Order and a Minute approved by the
      Court were registered pursuant to section 138 of the Companies Act, 1985, on
      the
2nd
      July 1999

    

    Given
      under my hand at Companies House, Cardiff the 2nd
      July 1999

     

     

    J.J.
      Lewis

    An
      Authorised Officer

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
        

      

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
        

      

    Passed
      26
      May 2000

    
       

      
        

      

    

    

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 26 May 2000, the following Resolutions were
      passed:

    

    SPECIAL
      RESOLUTION

    

    
      	
              4

            	
              THAT

            

    

    

    
      	 	
              (a)

            	
              the
                authorised share capital of the Company be diminished by the cancellation
                of the 500,000,000 authorised but unissued Sterling Preference Shares
                of
                £1 each;

            

    

    

    
      	 	
              (b)

            	
              the
                authorised share capital of the Company be increased by the creation
                of:

            

    

    

    
      	 	
              (i)

            	
              10,000,000
                non-cumulative preference shares of £0.01
                each;

            

      	 	 	 

    

    
      	 	
              (ii)

            	
              10,000,000
                non-cumulative preference shares of US$0.01 each;
                and

            

      	 	 	 

    

    
      	 	
              (iii)

            	
              10,000,000
                non-cumulative preference shares of €0.01
                each,

            

    

    

    in
      each
      case having attached thereto the respective rights and being subject to the
      respective limitations set out in the Articles of Association of the Company
      as
      altered by this Resolution;

    

    
      	 	
              (c)

            	
              the
                Articles of Association of the Company be and are hereby altered
                as
                follows:

            

    

    

    
      	 	
              (i)

            	
              in
                Article 2.1:

            

    

    

    
      	 	
              (A)

            	
              by
                the insertion, after the expression “dividend”, of the
                following:

            

    

     

    
      	 	“Dollar Preference Share	a non-cumulative preference share
              of US$0.01
              
	 	 	 
	 	Euro Preference	
              a
                non-cumulative preference share of Share €0.01”;

            

    

     

    
      	 	
              (B)

            	
              in
                the expression “Sterling Preference Share”, by the deletion of “£1” and
                the substitution therefor of
“£0.01”;

            

    

    

    
      	 	
              (C)

            	
              by
                the insertion, after “£” in the expression “£ and p or pence”, of “(or
                sterling)”;

            

    

    

    
      	 	
              (D)

            	
              by
                the insertion, after “US$” in that expression, of “or US
                dollars”;

            

    

    

    
      	 	
              (E)

            	
              by
                the insertion at the end, of the
                following:

            

    

     

    
      
        	 	“€ or euro	the single currency adopted by those
                states
                participating in European Monetary Union from time to time”; 

      

    

     

    
      	
            	(ii)	
              by
                the deletion of Article 4.1 and the substitution therefor of the
                following:

            

    

    

    
      	 	
              “4.1

            	
              The
                authorised share capital of the Company is US$5,250,100,000 divided
                into
                10,500,000,000 Ordinary Shares of US$0.50 each and 10,000,000 Dollar
                Preference Shares of US$0.01 each, £401,500 divided into 10,000,000
                Sterling Preference Shares of £0.01 each and 301,500 Non-voting Deferred
                Shares of £1 each, and €100,000 divided into 10,000,000 Euro Preference
                Shares of €0.01 each”;

            

    

    

    
      	
            	(iii)	
              by
                the deletion of Article 5.1 and the substitution therefor of the
                following:

            

    

    

    
      	
            	“5.	
              Rights
                of the Sterling Preference
                Shares

            

    

    

    
      	 	
              5.1

            	
              The
                following rights and restrictions shall be attached to the Sterling
                Preference Shares:

            

    

    

    
      	 	
              (1)

            	
              The
                Sterling Preference Shares shall rank pari passu inter se and with
                the
                Dollar Preference Shares and the Euro Preference Shares and with
                all other
                shares expressed to rank pari passu therewith. They shall confer
                the
                rights and be subject to the limitations set out in this Article.
                They
                shall also confer such further rights (not being inconsistent with
                the
                rights set out in this Article) and be subject to such further limitations
                and restrictions as may be attached by the Board to such shares prior
                to
                allotment. Whenever the Board has power under this Article to determine
                any of the rights attached to any of the Sterling Preference Shares,
                the
                rights so determined need not be the same as those attached to the
                Sterling Preference Shares which have then been allotted or issued.
                The
                Sterling Preference Shares may be issued in one or more separate
                series
                and each series shall be identified in such manner as the Board may
                determine without any such determination or identification requiring
                any
                alteration to these Articles.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (2)

            	
              Each
                Sterling Preference Share shall confer the following rights as to
                dividend
                and capital:

            

    

    

    Income

    

    
      	 	
              (a)

            	
              the
                right (subject to the provisions of paragraph (4) of this Article,
                if
                applicable) in priority to the payment of any dividend to the holders
                of
                Ordinary Shares and any other class of shares of the Company in issue
                (other than (i) the Dollar Preference Shares, the Euro Preference
                Shares
                and any other shares expressed to rank pari passu therewith as regards
                income and (ii) any shares which by their terms rank in priority
                to the
                Sterling Preference Shares as regards income) to a non-cumulative
                preferential dividend in sterling payable at such rate (whether fixed,
                variable or floating or to be determined by a specified procedure,
                mechanism or formula) on such dates (each a “Dividend Payment Date”) and
                on such other terms and conditions as may be determined by the Board
                prior
                to allotment thereof;

            

    

    

    Capital

    

    
      	 	
              (b)

            	
              the
                right in a winding up of the Company (but not, unless otherwise provided
                by the terms of issue of such share, upon a redemption, reduction
                or
                purchase by the Company of any of its share capital) to receive in
                sterling out of the assets of the Company available for distribution
                to
                its members in priority to any payment to the holders of the Ordinary
                Shares and any other class of shares of the Company in issue (other
                than
                (i) the Dollar Preference Shares, the Euro Preference Shares and
                any other
                shares expressed to rank pari passu therewith as regards repayment
                of
                capital and (ii) any shares which by their terms rank in priority
                to the
                Sterling Preference Shares as regards repayment of
                capital):

            

    

    

    
      	
            	(i)	
              a
                sum equal to:

            

    

     

    
      	 	
              (A)

            	
              the
                amount of any dividend which is due for payment after the date of
                commencement of the winding up but which is payable in respect of
                a period
                ending on or before such date; and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (B)

            	
              if
                the date of commencement of the winding up falls before the last
                day of a
                period in respect of which a dividend would have been payable and
                which
                began before such date, any further amount of dividend which would
                have
                been payable had the day before such date been the last day of that
                period,

            

    

    

    but
      only
      to the extent that any such amount or further amount was, or would have been,
      payable as a dividend in accordance with or pursuant to this Article;
      and

     

    
      	
            	(ii)	
              subject
                thereto, a sum equal to the amount paid up or credited as paid up
                on such
                share together with such premium (if any) as may be determined by
                the
                Board (or by a procedure, mechanism or formula determined by the
                Board)
                prior to allotment thereof (and so that the Board may determine that
                such
                premium is payable only in specified
                circumstances).

            

    

    

    Limitations

    

    
      	
            	(3)	
              No
                Sterling Preference Share shall:

            

    

    

    
      	 	
              (a)

            	
              confer
                any right to participate in the profits or assets of the Company
                other
                than that set out in sub-paragraphs (2)(a) and (b) of this
                Article;

            

    

    

    
      	 	
              (b)

            	
              subject
                to the Act, confer any right to participate in any offer or invitation
                by
                way of rights or otherwise to subscribe for additional shares or
                securities in the Company;

            

    

    

    
      	 	
              (c)

            	
              confer
                any right of conversion; or

            

    

    

    
      	 	
              (d)

            	
              confer
                any right to participate in any issue of bonus shares or shares issued
                by
                way of capitalisation of reserves.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Further
      provisions as to income

    

    
      	 	
              (4)

            	
              All
                or any of the following provisions shall apply in relation to any
                Sterling
                Preference Shares of any series (“relevant Sterling Preference Shares”) if
                so determined by the Board prior to allotment
                thereof:

            

    

    

    
      	
            	(a)
              (i) 	
              if,
                on any Dividend Payment Date (“the relevant date”) on which a dividend
                (“the relevant dividend”) would otherwise fall to be paid on any relevant
                Sterling Preference Shares, the profits of the Company available
                for
                distribution are, in the opinion of the Board, insufficient to enable
                payment in full to be made of the relevant dividend, then the Board
                shall
                (after payment in full, or the setting aside of a sum required for
                payment
                in full, of all dividends payable on or before the relevant date
                on any
                shares in the capital of the Company in priority to the relevant
                Sterling
                Preference Shares) apply such profits, if any, in paying dividends
                to the
                holders of participating shares (as defined below) pro rata to the
                amounts
                of dividend on participating shares accrued and payable on or before
                the
                relevant date. For the purposes of this paragraph, the expression
                “participating shares” shall mean the relevant Sterling Preference Shares
                and any other shares in the capital of the Company which rank pari
                passu
                as to participation in profits with the relevant Sterling Preference
                Shares and on which either (1) a dividend is payable on the relevant
                date
                or (2) arrears of cumulative dividend are unpaid at the relevant
                date;

            

    

    

    
      	
            	(ii)	
              if
                it shall subsequently appear that any such dividend which has been
                paid in
                whole or in part should not, in accordance with the provisions of
                this
                sub-paragraph, have been so paid, then provided the Board shall have
                acted
                in good faith, they shall not incur any liability for any loss which
                any
                shareholder may suffer in consequence of such payment having been
                made;

            

    

    

    
      	 	
              (b)

            	
              if
                the payment of any dividend on any relevant Sterling Preference Shares
                would breach or cause a breach of the capital adequacy requirements
                of the
                Financial Services Authority (or any successor organisation responsible
                for the supervision of banks in the United Kingdom) from time to
                time
                applicable to the Company and/or any of its subsidiaries, then none
                of
                such dividend shall be payable;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              if
                a dividend or any part thereof on any relevant Sterling Preference
                Shares
                is not paid for the reasons specified in sub-paragraphs (a) or (b)
                above,
                the holders of such shares shall have no claim in respect of such
                non-payment;

            

    

    

    
      	 	
              (d)

            	
              if
                any dividend on any relevant Sterling Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, the Company may not thereafter purchase or redeem any other
                share
                capital of the Company ranking pari passu with or after the relevant
                Sterling Preference Shares (and may not contribute any moneys to
                a sinking
                fund for any such purchase or redemption) until such time as dividends
                on
                the relevant Sterling Preference Shares in respect of such period
                as the
                Board shall determine prior to allotment thereof shall have been
                paid in
                full (or an amount equivalent thereto shall have been paid or set
                aside to
                provide for such payment in full);

            

    

    

    
      	 	
              (e)

            	
              if
                any dividend on any relevant Sterling Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, no dividend or other distribution may thereafter be declared
                or
                paid on any other share capital of the Company ranking as to dividend
                after the relevant Sterling Preference Shares until such time as
                dividends
                on the relevant Sterling Preference Shares in respect of such period
                as
                the Board shall determine prior to allotment thereof shall have been
                paid
                in full (or a sum shall have been paid or set aside to provide for
                such
                payment in full).

            

    

    

    Redemption

     

    
      	
            	(5)
              (a)	
              Unless
                otherwise determined by the Board in relation to Sterling Preference
                Shares of any series prior to allotment thereof, the Sterling Preference
                Shares shall, subject to the provisions of the Act, be redeemable
                at the
                option of the Company.

            

    

     

    
      	
            	(b)	
              In
                the case of any series of Sterling Preference Shares which are to
                be so
                redeemable:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (i)

            	
              the
                Company may, subject to the provisions of the Act and sub-paragraph
                (ii)
                below, redeem on any Redemption Date (as hereinafter defined) all,
                but not
                merely some, of the Sterling Preference Shares of such series by
                giving to
                the holders of the Sterling Preference Shares to be redeemed not
                less than
                30 days’ nor more than 60 days’ prior notice in writing (a “Notice of
                Redemption”) of the relevant Redemption Date. “Redemption Date” means, in
                relation to Sterling Preference Shares of a particular series, any
                date
                mentioned in any one of (A), (B) or (C) below, as determined by the
                Board
                prior to the first allotment of Sterling Preference Shares of that
                series:

            

    

     

    
      	 	
              (A)

            	
              any
                date which falls on or after the First Redemption Date (as hereinafter
                defined); or

            

    

     

    
      	 	
              (B)

            	
              the
                First Redemption Date or any subsequent Dividend Payment Date for
                Sterling
                Preference Shares of that series;
                or

            

    

     

    
      	 	
              (C)

            	
              the
                First Redemption Date or any successive fifth anniversary
                thereof.

            

    

     

    
      	 	 	
              “First
                Redemption Date” means:

            

    

     

    
      	 	
              (D)

            	
              in
                relation to any Sterling Preference Shares designated as “Series 1”, 30
                June 2015;

            

    

     

    
      	 	
              (E)

            	
              in
                relation to any other Sterling Preference Shares of a particular
                series,
                one day after such one of the following dates as shall be determined
                by
                the Board prior to the first allotment of Sterling Preference Shares
                of
                that series:

            

    

     

    
      	 	
              (1)

            	
              five
                years after the Relevant Date (as hereinafter
                defined);

            

    

     

    
      	 	
              (2)

            	
              ten
                years after the Relevant Date;

            

    

     

    
      	 	
              (3)

            	
              fifteen
                years after the Relevant Date;

            

    

     

    
      	 	
              (4)

            	
              twenty
                years after the Relevant Date;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (5)

            	
              thirty
                years after the Relevant Date.

            

    

     

    “Relevant
      Date” means, in relation to Sterling Preference Shares of a particular series,
      such one of the following dates as shall be determined by the Board prior to
      the
      first allotment of Sterling Preference Shares of that series:

     

    
      	 	
              (F)

            	
              the
                first date of allotment of Sterling Preference Shares of that series;
                or

            

    

     

    
      	 	
              (G)

            	
              the
                first Dividend Payment Date for Sterling Preference Shares of that
                series;

            

    

     

    
      	
            	(ii)	
              if
                either of the restrictions in sub-paragraphs (4)(a)(i) and (4)(a)(ii)
                of
                this Article applies to any dividend otherwise payable on any Redemption
                Date on the Sterling Preference Shares of that series, the Company
                may not
                redeem such Sterling Preference Shares on that Redemption
                Date;

            

    

     

    
      	 	
              (iii)

            	
              there
                shall be paid on each Sterling Preference Share so redeemed, in sterling,
                the aggregate of the nominal amount thereof and any premium credited
                as
                paid up on such share together with any dividend payable on the Redemption
                Date;

            

    

     

    
      	 	
              (iv)

            	
              any
                Notice of Redemption given under sub-paragraph (b)(i) above shall
                specify
                the applicable Redemption Date, the particular Sterling Preference
                Shares
                to be redeemed and the redemption price, and shall state the place
                or
                places at which documents of title or such other evidence as may
                be
                accepted by the Board in respect of such Sterling Preference Shares
                are to
                be presented and surrendered for redemption and payment of the redemption
                moneys is to be effected. Upon such Redemption Date, the Company
                shall
                redeem the particular Sterling Preference Shares to be redeemed on
                that
                date subject to the provisions of this paragraph and of the Act.
                No defect
                in the Notice of Redemption or in the giving thereof shall affect
                the
                validity of the redemption
                proceedings;

            

    

     

    
      	 	
              (v)

            	
              payments
                in respect of the amount due on redemption of a Sterling Preference
                Share
                shall be made by sterling cheque drawn on a bank in London or upon
                the
                request of the holder or joint holders not later than the date specified
                for the purpose in the Notice of Redemption by transfer to a sterling
                account maintained by the payee with a bank in London or by such
                other
                method as the Board may determine. Such payment will be made against
                presentation and surrender of the relative certificate at the place
                or one
                of the places specified in the Notice of Redemption or against such
                other
                evidence as may be accepted by the
                Board.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    All
      payments in respect of redemption monies will in all respects be subject to
      any
      applicable fiscal or other laws;

     

    
      	 	
              (vi)

            	
              as
                from the relevant Redemption Date the dividend on the Sterling Preference
                Shares due for redemption shall cease to accrue except on any such
                Sterling Preference Shares in respect of which, upon due surrender
                of the
                certificate or other evidence aforesaid, payment of the redemption
                moneys
                due on such Redemption Date shall be improperly withheld or refused,
                in
                which case such dividend, at the rate then applicable, shall be deemed
                to
                have continued and shall accordingly continue to accrue from the
                relevant
                Redemption Date to the date of payment of such redemption moneys.
                Such
                Sterling Preference Shares shall not be treated as having been redeemed
                until the redemption moneys in question together with the accrued
                dividend
                thereon shall have been paid;

            

    

     

    
      	 	
              (vii)

            	
              if
                the due date for the payment of the redemption moneys on any Sterling
                Preference Share is not a day (other than a Saturday or Sunday) on
                which
                commercial banks and foreign exchange markets settle payments in
                sterling
                and are open for general business in London (a “Sterling Business Day”),
                then payment of such moneys will be made on the next succeeding day
                which
                is a Sterling Business Day and without any interest or other payment
                in
                respect of such delay; and

            

    

     

    
      	 	
              (viii)

            	
              the
                receipt of the holder for the time being of any Sterling Preference
                Shares
                (or, in the case of joint registered holders, the receipt of any
                one of
                them) for the moneys payable on redemption thereof shall constitute
                an
                absolute discharge to the Company in respect
                thereof.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(c)	
              Upon
                the redemption or purchase of any Sterling Preference Shares the
                Board
                shall have power without any further resolution or consent to convert
                the
                authorised but unissued Sterling Preference Shares existing as a
                result of
                such redemption or purchase into shares of any other class of share
                capital into which the authorised share capital of the Company is
                or may
                be divided of the same nominal amount in sterling as the Sterling
                Preference Shares or into unclassified shares of the same nominal
                amount
                in sterling as the Sterling Preference
                Shares.

            

    

     

    
      	 	
              (d)

            	
              Any
                Sterling Preference Shares redeemed pursuant to this paragraph (5)
                shall
                be cancelled on redemption.

            

    

     

    Purchase

     

    
      	 	
              (6)

            	
              Subject
                to the provisions of the Act, the Company may at any time purchase
                any
                Sterling Preference Shares (i) in the market, (ii) by tender (available
                alike to all holders of the same class of Sterling Preference Shares)
                or
                (iii) by private treaty, in each case upon such terms as the Board
                shall
                determine.

            

    

     

    Consolidation
      and division

     

    
      	 	
              (7)

            	
              Pursuant
                to the authority given by the passing of the resolution adopting
                this
                Article the Board may consolidate and divide and/or sub-divide any
                Sterling Preference Shares into shares of a larger or smaller
                amount.

            

    

     

    Attendance
      and voting at general meetings

    
      
         
          

        
          
            
              
                
                  
                    	
                          	(8)
                            (a)	
                             
                              Save
                              as provided by its terms of issue, no Sterling Preference
                              Share shall
                              carry any right to attend or vote at general meetings
                              of the
                              Company.

                          

                  

                

              

            

          

        

         

      

    

    
      	 	
              (b)

            	
              If
                so determined by the Board prior to allotment thereof, holders of
                Sterling
                Preference Shares of any series shall have the right to attend and
                vote at
                general meetings of the Company in the following
                circumstances:

            

    

     

    
      	 	
              (i)

            	
              if
                any dividend on any Sterling Preference Shares of that series in
                respect
                of such period as the Board shall determine prior to allotment thereof
                is
                not paid in full, the right to attend and vote at general meetings
                of the
                Company until such time as dividends on those Sterling Preference
                Shares
                in respect of such period as the Board shall determine prior to allotment
                thereof shall have been paid in full (or a sum shall have been paid
                or set
                aside to provide for such payment in
                full);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              in
                such other circumstances, and upon and subject to such terms, as
                the Board
                may determine prior to allotment of such Sterling Preference
                Shares.

            

    

     

    
      	 	
              (c)

            	
              Whenever
                holders of Sterling Preference Shares are entitled to vote on a resolution
                at a general meeting, on a show of hands every such holder who is
                present
                in person shall have one vote and on a poll every such holder who
                is
                present in person or by proxy shall have one vote per Sterling Preference
                Share held by him or such number of votes per share as the Board
                shall
                determine prior to allotment of such
                share.

            

    

     

    
      	 	
              (d)

            	
              Holders
                of Sterling Preference Shares having a registered address or address
                for
                correspondence within the United Kingdom shall have the right to
                have sent
                to them (at the same time as the same are sent to the holders of
                Ordinary
                Shares) all notices of general meetings of the Company and a copy
                of every
                circular or other like document sent out by the Company to the holders
                of
                Ordinary Shares.

            

    

     

    Further
      preference shares

     

    
      	 	
              (9)

            	
              The
                special rights attached to any Sterling Preference Shares of any
                series
                allotted or in issue shall not (unless otherwise provided by their
                terms
                of issue) be deemed to be varied by the creation or issue of any
                other
                preference shares or further shares in any currency (“new shares”) ranking
                as regards participation in the profits and assets of the Company
                pari
                passu with such Sterling Preference Shares and so that any new shares
                ranking pari passu with such Sterling Preference Shares may either
                carry
                rights and restrictions identical in all respects with such Sterling
                Preference Shares or any of them or rights and restrictions differing
                therefrom in any respect including but without prejudice to the generality
                of the foregoing in that:

            

    

     

    
      	 	 	
              (a)

            	
              the
                rate of and/or basis of calculation of dividend may differ and the
                dividend may be cumulative or
                non-cumulative;

            

    

     

    
      	 	
              (b)

            	
              the
                new shares or any series thereof may rank for dividend as from such
                date
                as may be provided by the terms of issue thereof and the dates of
                payment
                of dividend may differ;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              a
                premium may be payable on return of capital or there may be no such
                premium;

            

    

     

    
      	 	
              (d)

            	
              the
                new shares may be redeemable at the option of the holder or of the
                Company, or may be non-redeemable, and if redeemable at the option
                of the
                Company they may be redeemable at different dates and on different
                terms
                from those applying to the Sterling Preference Shares;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                new shares may be convertible into Ordinary Shares or any other class
                of
                shares ranking as regards participation in the profits and assets
                of the
                Company pari passu with or after such Sterling Preference Shares
                in each
                case on such terms and conditions as may be prescribed by the terms
                of
                issue thereof.

            

    

     

    Variation
      of class rights

     

    
      
        	
              	(10)
                (a)	
                 Subject
                  to the provisions of the Act:

              

      

    

     

    
      	 	
              (i)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to the Sterling Preference Shares may
                from
                time to time (whether or not the Company is being wound up) be varied
                or
                abrogated with the consent in writing of the holders of not less
                than
                three-quarters in nominal value of the Sterling Preference Shares
                of all
                series in issue or with the sanction of an extraordinary resolution
                passed
                at a separate general meeting of the holders of the Sterling Preference
                Shares, voting as a single class without regard for series;
                and

            

    

     

    
      	 	
              (ii)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to Sterling Preference Shares of any
                series
                may be varied or abrogated so as to affect adversely such rights
                on a
                basis different from any other series of Sterling Preference Shares
                with
                the consent in writing of the holders of not less than three-quarters
                in
                nominal value of the Sterling Preference Shares of such series or
                with the
                sanction of an extraordinary resolution passed at a separate general
                meeting of the holders of Sterling Preference Shares of such
                series.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    All
      the
      provisions of these Articles as to general meetings of the Company shall mutatis
      mutandis apply to any such separate general meeting, but so that the necessary
      quorum shall be two persons holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class, that every holder of shares
      of the class shall be entitled on a poll to one vote for every share of the
      class held by him, that any holder of shares of the class present in person
      or
      by proxy may demand a poll and that at any adjourned meeting of the holders
      one
      holder present in person or by proxy (whatever the number of shares held by
      him)
      shall be a quorum.

     

    
      	 	
              (b)

            	
              Unless
                otherwise provided by its terms of issue, the rights attached to
                any
                Sterling Preference Share shall not be deemed to be varied or abrogated
                by
                a reduction of any share capital or purchase by the Company or redemption
                of any share capital in each case ranking as regards participation
                in the
                profits and assets of the Company in priority to or pari passu with
                or
                after such Sterling Preference
                Share.

            

    

     

    
      
        	
              	5A	
                Rights
                  of the Dollar Preference
                  Shares

              

      

    

     

    
      	 	 	 	
              5A.1

            	
              The
                following rights and restrictions shall be attached to the Dollar
                Preference Shares:

            

    

     

    
      	 	
              (1)

            	
              The
                Dollar Preference Shares shall rank pari passu inter se and with
                the
                Sterling Preference Shares and the Euro Preference Shares and with
                all
                other shares expressed to rank pari passu therewith. They shall confer
                the
                rights and be subject to the limitations set out in this Article.
                They
                shall also confer such further rights (not being inconsistent with
                the
                rights set out in this Article) and be subject to such further limitations
                and restrictions as may be attached by the Board to such shares prior
                to
                allotment. Whenever the Board has power under this Article to determine
                any of the rights attached to any of the Dollar Preference Shares,
                the
                rights so determined need not be the same as those attached to the
                Dollar
                Preference Shares which have then been allotted or issued. The Dollar
                Preference Shares may be issued in one or more separate series and
                each
                series shall be identified in such manner as the Board may determine
                without any such determination or identification requiring any alteration
                to these Articles.

            

    

     

    
      	 	
              (2)

            	
              Each
                Dollar Preference Share shall confer the following rights as to dividend
                and capital:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Income

     

    
      	 	
              (a)

            	
              the
                right (subject to the provisions of paragraph (4) of this Article,
                if
                applicable) in priority to the payment of any dividend to the holders
                of
                Ordinary Shares and any other class of shares of the Company in issue
                (other than (i) the Sterling Preference Shares, the Euro Preference
                Shares
                and any other shares expressed to rank pari passu therewith as regards
                income and (ii) any shares which by their terms rank in priority
                to the
                Dollar Preference Shares as regards income) to a non-cumulative
                preferential dividend in US dollars payable at such rate (whether
                fixed,
                variable or floating or to be determined by a specified procedure,
                mechanism or formula) on such dates (each a “Dividend Payment Date”) and
                on such other terms and conditions as may be determined by the Board
                prior
                to allotment thereof;

            

    

     

    Capital

     

    
      	 	
              (b)

            	
              the
                right in a winding up of the Company (but not, unless otherwise provided
                by the terms of issue of such share, upon a redemption, reduction
                or
                purchase by the Company of any of its share capital) to receive in
                US
                dollars out of the assets of the Company available for distribution
                to its
                members in priority to any payment to the holders of the Ordinary
                Shares
                and any other class of shares of the Company in issue (other than
                (i) the
                Sterling Preference Shares, the Euro Preference Shares and any other
                shares expressed to rank pari passu therewith as regards repayment
                of
                capital and (ii) any shares which by their terms rank in priority
                to the
                Dollar Preference Shares as regards repayment of
                capital):

            

    

     

    
      	
            	(i)	
              a
                sum equal to:

            

    

     

    
      	 	
              (A)

            	
              the
                amount of any dividend which is due for payment after the date of
                commencement of the winding up but which is payable in respect of
                a period
                ending on or before such date; and

            

    

     

    
      	 	
              (B)

            	
              if
                the date of commencement of the winding up falls before the last
                day of a
                period in respect of which a dividend would have been payable and
                which
                began before such date, any further amount of dividend which would
                have
                been payable had the day before such date been the last day of that
                period

            

    

     

    but
      only
      to the extent that any such amount or further amount was, or would have been,
      payable as a dividend in accordance with or pursuant to this Article;
      and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              subject
                thereto, a sum equal to the amount paid up or credited as paid up
                on such
                share together with such premium (if any) as may be determined by
                the
                Board (or by a procedure, mechanism or formula determined by the
                Board)
                prior to allotment thereof (and so that the Board may determine that
                such
                premium is payable only in specified
                circumstances).

            

    

     

    Limitations

     

    
      	
            	(3)	
              No
                Dollar Preference Share shall;

            

    

     

    
      	 	
              (a)

            	
              confer
                any right to participate in the profits or assets of the Company
                other
                than that set out in sub-paragraphs (2)(a) and (b) of this
                Article;

            

    

     

    
      	 	
              (b)

            	
              subject
                to the Act, confer any right to participate in any offer or invitation
                by
                way of rights or otherwise to subscribe for additional shares or
                securities in the Company;

            

    

     

    
      	 	
              (c)

            	
              confer
                any right of conversion; or

            

    

     

    
      	 	
              (d)

            	
              confer
                any right to participate in any issue of bonus shares or shares issued
                by
                way of capitalisation of reserves.

            

    

     

    Further
      provisions as to income

     

    
      	 	
              (4)

            	
              All
                or any of the following provisions shall apply in relation to any
                Dollar
                Preference Shares of any series (“relevant Dollar Preference Shares”) if
                so determined by the Board prior to allotment
                thereof:

            

    

     

    
      	 	
              (a)

            	
              (i)

            	
              if,
                on any Dividend Payment Date (“the relevant date”) on which a dividend
                (“the relevant dividend”) would otherwise fall to be paid on any relevant
                Dollar Preference Shares, the profits of the Company available for
                distribution are, in the opinion of the Board, insufficient to enable
                payment in full to be made of the relevant dividend, then the Board
                shall
                (after payment in full, or the setting aside of a sum required for
                payment
                in full, of all dividends payable on or before the relevant date
                on any
                shares in the capital of the Company in priority to the relevant
                Dollar
                Preference Shares) apply such profits, if any, in paying dividends
                to the
                holders of participating shares (as defined below) pro rata to the
                amounts
                of dividend on participating shares accrued and payable on or before
                the
                relevant date. For the purposes of this paragraph, the expression
                “participating shares” shall mean the relevant Dollar Preference Shares
                and any other shares in the capital of the Company which rank pari
                passu
                as to participation in profits with the relevant Dollar Preference
                Shares
                and on which either (1) a dividend is payable on the relevant date
                or (2)
                arrears of cumulative dividend are unpaid at the relevant
                date;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              if
                it shall subsequently appear that any such dividend which has been
                paid in
                whole or in part should not, in accordance with the provisions of
                this
                sub-paragraph, have been so paid, then provided the Board shall have
                acted
                in good faith, they shall not incur any liability for any loss which
                any
                shareholder may suffer in consequence of such payment having been
                made;

            

    

     

    
      	 	
              (b)

            	
              if
                the payment of any dividend on any relevant Dollar Preference Shares
                would
                breach or cause a breach of the capital adequacy requirements of
                the
                Financial Services Authority (or any successor organisation responsible
                for the supervision of banks in the United Kingdom) from time to
                time
                applicable to the Company and/or any of its subsidiaries, then none
                of
                such dividend shall be payable;

            

    

     

    
      	 	
              (c)

            	
              if
                a dividend or any part thereof on any relevant Dollar Preference
                Shares is
                not paid for the reasons specified in sub-paragraphs (a) or (b) above,
                the
                holders of such shares shall have no claim in respect of such
                non-payment;

            

    

     

    
      	 	
              (d)

            	
              if
                any dividend on any relevant Dollar Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, the Company may not thereafter purchase or redeem any other
                share
                capital of the Company ranking pari passu with or after the relevant
                Dollar Preference Shares (and may not contribute any moneys to a
                sinking
                fund for any such purchase or redemption) until such time as dividends
                on
                the relevant Dollar Preference Shares in respect of such period as
                the
                Board shall determine prior to allotment thereof shall have been
                paid in
                full (or an amount equivalent thereto shall have been paid or set
                aside to
                provide for such payment in full);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              if
                any dividend on any relevant Dollar Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, no dividend or other distribution may thereafter be declared
                or
                paid on any other share capital of the Company ranking as to dividend
                after the relevant Dollar Preference Shares until such time as dividends
                on the relevant Dollar Preference Shares in respect of such period
                as the
                Board shall determine prior to allotment thereof shall have been
                paid in
                full (or a sum shall have been paid or set aside to provide for such
                payment in full).

            

    

     

    Redemption

     

    
      	 	
              (5)

            	
              (a)

            	
              Unless
                otherwise determined by the Board in relation to Dollar Preference
                Shares
                of any series prior to allotment thereof, the Dollar Preference Shares
                shall, subject to the provisions of the Act, be redeemable at the
                option
                of the Company.

            

    

     

    
      	 	
              (b)

            	
              In
                the case of any series of Dollar Preference Shares which are to be
                so
                redeemable:

            

    

     

    
      	 	
              (i)

            	
              the
                Company may, subject to the provisions of the Act, and sub-paragraph
                (ii)
                below, redeem on any Redemption Date (as hereinafter defined) all,
                but not
                merely some, of the Dollar Preference Shares of such series by giving
                to
                the holders of the Dollar Preference Shares to be redeemed not less
                than
                30 days’ nor more than 60 days’ prior notice in writing (a “Notice of
                Redemption”) of the relevant Redemption Date. “Redemption Date” means, in
                relation to Dollar Preference Shares of a particular series, any
                date
                mentioned in any one of (A), (B) or (C) below, as determined by the
                Board
                prior to the first allotment of Dollar Preference Shares of that
                series:

            

    

     

    
      	 	
              (A)

            	
              any
                date which falls on or after the First Redemption Date (as hereinafter
                defined); or

            

    

     

    
      	 	
              (B)

            	
              the
                First Redemption Date or any subsequent Dividend Payment Date for
                Dollar
                Preference Shares of that series;
                or

            

    

     

    
      	 	
              (C)

            	
              the
                First Redemption Date or any successive fifth anniversary
                thereof.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “First
      Redemption Date” means:

     

    
      	 	
              (D)

            	
              in
                relation to any relevant Dollar Preference Shares designated
                as:

            

    

     

    
      	
            	(1)	
              “Series
                1”, 30 June 2010;

            

      	 	 	 

      	 	(2)	“Series 2”, 30 June
              2030;

    

     

    
      	 	
              (E)

            	
              in
                relation to any other Dollar Preference Shares of a particular series,
                one
                day after such one of the following dates as shall be determined
                by the
                Board prior to the first allotment of Dollar Preference Shares of
                that
                series:

            

    

     

    
      	 	
              (1)

            	
              five
                years after the Relevant Date (as hereinafter
                defined);

            

    

     

    
      
        	
              	(2)	
                ten
                  years after the Relevant Date;

              

        	 	 	 

        	 	(3) 	fifteen years after the Relevant
                Date;

      

    

     

    
      	 	
              (4)

            	
              twenty
                years after the Relevant Date;

            

      	 	 	 

      	 	(5) 	thirty years after the Relevant
              Date.

    

     

    “Relevant
      Date” means, in relation to Dollar Preference Shares of a particular series,
      such one of the following dates as shall be determined by the Board prior to
      the
      first allotment of Dollar Preference Shares of that series:

     

    
      	 	
              (F)

            	
              the
                first date of allotment of Dollar Preference Shares of that series;
                or

            

    

     

    
      	 	
              (G)

            	
              the
                first Dividend Payment Date for Dollar Preference Shares of that
                series;

            

    

     

    
      	 	
              (ii)

            	
              if
                either of the restrictions in sub-paragraphs (4)(a)(i) and (4)(a)(ii)
                of
                this Article applies to any dividend otherwise payable on any Redemption
                Date on the Dollar Preference Shares of that series, the Company
                may not
                redeem such Dollar Preference Shares on that Redemption
                Date;

            

    

     

    
      	 	
              (iii)

            	
              there
                shall be paid on each Dollar Preference Share so redeemed, in US
                dollars,
                the aggregate of the nominal amount thereof and any premium credited
                as
                paid up on such share together with any dividend payable on the Redemption
                Date;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iv)

            	
              any
                Notice of Redemption given under sub-paragraph (b)(i) above shall
                specify
                the applicable Redemption Date, the particular Dollar Preference
                Shares to
                be redeemed and the redemption price, and shall state the place or
                places
                at which documents of title or such other evidence as may be accepted
                by
                the Board in respect of such Dollar Preference Shares are to be presented
                and surrendered for redemption and payment of the redemption moneys
                is to
                be effected. Upon such Redemption Date, the Company shall redeem
                the
                particular Dollar Preference Shares to be redeemed on that date subject
                to
                the provisions of this paragraph and of the Act. No defect in the
                Notice
                of Redemption or in the giving thereof shall affect the validity
                of the
                redemption proceedings;

            

    

     

    
      	 	
              (v)

            	
              payments
                in respect of the amount due on redemption of a Dollar Preference
                Share
                shall be made by US Dollar cheque drawn on a bank in New York City
                or upon
                the request of the holder or joint holders not later than the date
                specified for the purpose in the Notice of Redemption by transfer
                to a US
                dollar account maintained by the payee with a bank in New York City
                or by
                such other method as the Board may determine. Such payment will be
                made
                against presentation and surrender of the relative certificate at
                the
                place or one of the places specified in the Notice of Redemption
                or
                against such other evidence as may be accepted by the
                Board.

            

    

     

    All
      payments in respect of redemption moneys will in all respects be subject to
      any
      applicable fiscal or other laws;

     

    
      	 	
              (vi)

            	
              as
                from the relevant Redemption Date the dividend on the Dollar Preference
                Shares due for redemption shall cease to accrue except on any such
                Dollar
                Preference Shares in respect of which, upon due surrender of the
                certificate or other evidence aforesaid, payment of the redemption
                moneys
                due on such Redemption Date shall be improperly withheld or refused,
                in
                which case such dividend, at the rate then applicable, shall be deemed
                to
                have continued and shall accordingly continue to accrue from the
                relevant
                Redemption Date to the date of payment of such redemption moneys.
                Such
                Dollar Preference Shares shall not be treated as having been redeemed
                until the redemption moneys in question together with the accrued
                dividend
                thereon shall have been paid;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (vii)

            	
              if
                the due date for the payment of the redemption moneys on any Dollar
                Preference Share is not a day (other than a Saturday or Sunday) on
                which
                commercial banks and foreign exchange markets settle payments in
                US
                dollars and are open for general business in London and New York
                City (a
                “Dollar Business Day”), then payment of such moneys will be made on the
                next succeeding day which is a Dollar Business Day and without any
                interest or other payment in respect of such delay;
                and

            

    

     

    
      	 	
              (viii)

            	
              the
                receipt of the holder for the time being of any Dollar Preference
                Shares
                (or, in the case of joint registered holders, the receipt of any
                one of
                them) for the moneys payable on redemption thereof shall constitute
                an
                absolute discharge to the Company in respect
                thereof.

            

    

     

    
      	 	
              (c)

            	
              Upon
                the redemption or purchase of any Dollar Preference Shares the Board
                shall
                have power without any further resolution or consent to convert the
                authorised but unissued Dollar Preference Shares existing as a result
                of
                such redemption or purchase into shares of any other class of share
                capital into which the authorised share capital of the Company is
                or may
                be divided of the same nominal amount in US dollars as the Dollar
                Preference Shares or into unclassified shares of the same nominal
                amount
                in US dollars as the Dollar Preference
                Shares.

            

    

     

    
      	 	
              (d)

            	
              Any
                Dollar Preference Shares redeemed pursuant to this paragraph (5)
                shall be
                cancelled on redemption.

            

    

     

    Purchase

     

    
      	 	
              (6)

            	
              Subject
                to the provisions of the Act, the Company may at any time purchase
                any
                Dollar Preference Shares (i) in the market, (ii) by tender (available
                alike to all holders of the same class of Dollar Preference Shares)
                or
                (iii) by private treaty, in each case upon such terms as the Board
                shall
                determine.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Consolidation
      and division

     

    
      	 	
              (7)

            	
              Pursuant
                to the authority given by the passing of the resolution adopting
                this
                Article the Board may consolidate and divide and/or sub-divide any
                Dollar
                Preference Shares into shares of a larger or smaller
                amount.

            

    

     

    Attendance
      and voting at general meetings

     

     

      
        	
              	(8)
                (a) 	
                Save
                  as provided by its terms of issue, no Dollar Preference Share shall
                  carry
                  any right to attend or vote at general meetings of the
                  Company.

              

      

    

     

    
      	 	
              (b)

            	
              If
                so determined by the Board prior to allotment thereof, holders of
                Dollar
                Preference Shares of any series shall have the right to attend and
                vote at
                general meetings of the Company in the following
                circumstances:

            

    

     

    
      	 	
              (i)

            	
              if
                any dividend on any Dollar Preference Shares of that series in respect
                of
                such period as the Board shall determine prior to allotment thereof
                is not
                paid in full, the right to attend and vote at general meetings of
                the
                Company until such time as dividends on those Dollar Preference Shares
                in
                respect of such period as the Board shall determine prior to allotment
                thereof shall have been paid in full (or a sum shall have been paid
                or set
                aside to provide for such payment in
                full);

            

    

     

    
      	 	
              (ii)

            	
              in
                such other circumstances, and upon and subject to such terms, as
                the Board
                may determine prior to allotment of such Dollar Preference
                Shares.

            

    

     

    
      	 	
              (c)

            	
              Whenever
                holders of Dollar Preference Shares are entitled to vote on a resolution
                at a general meeting, on a show of hands every such holder who is
                present
                in person shall have one vote and on a poll every such holder who
                is
                present in person or by proxy shall have one vote per Dollar Preference
                Share held by him or such number of votes per share as the Board
                shall
                determine prior to allotment of such
                share.

            

    

     

    
      	 	
              (d)

            	
              Holders
                of Dollar Preference Shares having a registered address or address
                for
                correspondence within the United Kingdom shall have the right to
                have sent
                to them (at the same time as the same are sent to the holders of
                Ordinary
                Shares) all notices of general meetings of the Company and a copy
                of every
                circular or other like document sent out by the Company to the holders
                of
                Ordinary Shares.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Further
      preference shares

     

    
      	 	
              (9)

            	
              The
                special rights attached to any Dollar Preference Shares of any series
                allotted or in issue shall not (unless otherwise provided by their
                terms
                of issue) be deemed to be varied by the creation or issue of any
                other
                preference shares or further shares in any currency (“new shares”) ranking
                as regards participation in the profits and assets of the Company
                pari
                passu with such Dollar Preference Shares and so that any new shares
                ranking pari passu with such Dollar Preference Shares may either
                carry
                rights and restrictions identical in all respects with such Dollar
                Preference Shares or any of them or rights and restrictions differing
                therefrom in any respect including but without prejudice to the generality
                of the foregoing in that:

            

    

     

    
      	 	
              (a)

            	
              the
                rate of and/or basis of calculation of dividend may differ and the
                dividend may be cumulative or
                non-cumulative;

            

    

     

    
      	 	
              (b)

            	
              the
                new shares or any series thereof may rank for dividend as from such
                date
                as may be provided by the terms of issue thereof and the dates of
                payment
                of dividend may differ;

            

    

     

    
      	 	
              (c)

            	
              a
                premium may be payable on return of capital or there may be no such
                premium;

            

    

     

    
      	 	
              (d)

            	
              the
                new shares may be redeemable at the option of the holder or of the
                Company, or may be non-redeemable, and if redeemable at the option
                of the
                Company they may be redeemable at different dates and on different
                terms
                from those applying to the Dollar Preference Shares;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                new shares may be convertible into Ordinary Shares or any other class
                of
                shares ranking as regards participation in the profits and assets
                of the
                Company pari passu with or after such Dollar Preference Shares in
                each
                case on such terms and conditions as may be prescribed by the terms
                of
                issue thereof.

            

    

     

    Variation
      of class rights

    
       

        
          	
                	(10)
                  (a)	
                   Subject
                    to the provisions of the
                    Act:

                

        

      

    

     

    
      	 	
              (i)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to the Dollar Preference Shares may from
                time
                to time (whether or not the Company is being wound up) be varied
                or
                abrogated with the consent in writing of the holders of not less
                than
                three-quarters in nominal value of the Dollar Preference Shares of
                all
                series in issue or with the sanction of an extraordinary resolution
                passed
                at a separate general meeting of the holders of the Dollar Preference
                Shares, voting as a single class without regard for series;
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to Dollar Preference Shares of any series
                may
                be varied or abrogated so as to affect adversely such rights on a
                basis
                different from any other series of Dollar Preference Shares with
                the
                consent in writing of the holders of not less than three-quarters
                in
                nominal value of the Dollar Preference Shares of such series or with
                the
                sanction of an extraordinary resolution passed at a separate general
                meeting of the holders of Dollar Preference Shares of such
                series.

            

    

     

    All
      the
      provisions of these Articles as to general meetings of the Company shall mutatis
      mutandis apply to any such separate general meeting, but so that the necessary
      quorum shall be two persons holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class, that every holder of shares
      of the class shall be entitled on a poll to one vote for every share of the
      class held by him, that any holder of shares of the class present in person
      or
      by proxy may demand a poll and that at any adjourned meeting of the holders
      one
      holder present in person or by proxy (whatever the number of shares held by
      him)
      shall be a quorum.

     

    
      	 	
              (b)

            	
              Unless
                otherwise provided by its terms of issue, the rights attached to
                any
                Dollar Preference Share shall not be deemed to be varied or abrogated
                by a
                reduction of any share capital or purchase by the Company or redemption
                of
                any share capital in each case ranking as regards participation in
                the
                profits and assets of the Company in priority to or pari passu with
                or
                after such Dollar Preference Share.

            

    

     

    
      	 	
              5B

            	
              Rights
                of the Euro Preference
                Shares

            

    

     

    
      	 	
              5B.1

            	
              The
                following rights and restrictions shall be attached to the Euro Preference
                Shares:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (1)

            	
              The
                Euro Preference Shares shall rank pari passu inter se and with the
                Dollar
                Preference Shares and the Sterling Preference Shares and with all
                other
                shares expressed to rank pari passu therewith. They shall confer
                the
                rights and be subject to the limitations set out in this Article.
                They
                shall also confer such further rights (not being inconsistent with
                the
                rights set out in this Article) and be subject to such further limitations
                and restrictions as may be attached by the Board to such shares prior
                to
                allotment. Whenever the Board has power under this Article to determine
                any of the rights attached to any of the Euro Preference Shares,
                the
                rights so determined need not be the same as those attached to the
                Euro
                Preference Shares which have then been allotted or issued. The Euro
                Preference Shares may be issued in one or more separate series and
                each
                series shall be identified in such manner as the Board may determine
                without any such determination or identification requiring any alteration
                to these Articles.

            

    

     

    
      	 	
              (2)

            	
              Each
                Euro Preference Share shall confer the following rights as to dividend
                and
                capital:

            

    

     

    Income

     

    
      	 	
              (a)

            	
              the
                right (subject to the provisions of paragraph (4) of this Article,
                if
                applicable) in priority to the payment of any dividend to the holders
                of
                Ordinary Shares and any other class of shares of the Company in issue
                (other than (i) the Dollar Preference Shares, the Sterling Preference
                Shares and any other shares expressed to rank pari passu therewith
                as
                regards income and (ii) any shares which by their terms rank in priority
                to the Euro Preference Shares as regards income) to a non-cumulative
                preferential dividend in euro payable at such rate (whether fixed,
                variable or floating or to be determined by a specified procedure,
                mechanism or formula) on such dates (each a “Dividend Payment Date”) and
                on such other terms and conditions as may be determined by the Board
                prior
                to allotment thereof;

            

    

     

    Capital

     

    
      	 	
              (b)

            	
              the
                right in a winding up of the Company (but not, unless otherwise provided
                by the terms of issue of such share, upon a redemption, reduction
                or
                purchase by the Company of any of its share capital) to receive in
                euro
                out of the assets of the Company available for distribution to its
                members
                in priority to any payment to the holders of the Ordinary Shares and any
                other class of shares of the Company in issue (other than (i) the
                Dollar
                Preference Shares, the Sterling Preference Shares and any other shares
                expressed to rank pari passu therewith as regards repayment of capital
                and
                (ii) any shares which by their terms rank in priority to the Euro
                Preference Shares as regards repayment of
                capital):

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (i)

            	
              a
                sum equal to:

            

    

     

    
      	 	
              (A)

            	
              the
                amount of any dividend which is due for payment after the date of
                commencement of the winding up but which is payable in respect of
                a period
                ending on or before such date; and

            

    

     

    
      	
            	(B)	
              if
                the date of commencement of the winding up falls before the last
                day of a
                period in respect of which a dividend would have been payable and
                which
                began before such date, any further amount of dividend which would
                have
                been payable had the day before such date been the last day of that
                period

            

    

     

    but
      only
      to the extent that any such amount or further amount was, or would have been,
      payable as a dividend in accordance with or pursuant to this Article;
      and

     

    
      	 	
              (ii)

            	
              subject
                thereto, a sum equal to the amount paid up or credited as paid up
                on such
                share together with such premium (if any) as may be determined by
                the
                Board (or by a procedure, mechanism or formula determined by the
                Board)
                prior to allotment thereof (and so that the Board may determine that
                such
                premium is payable only in specified
                circumstances).

            

    

     

    Limitations

     

    
      	
            	(3)	
              No
                Euro Preference Share shall;

            

    

     

    
      	 	
              (a)

            	
              confer
                any right to participate in the profits or assets of the Company
                other
                than that set out in sub-paragraphs (2)(a) and (b) of this
                Article;

            

    

     

    
      	 	
              (b)

            	
              subject
                to the Act, confer any right to participate in any offer or invitation
                by
                way of rights or otherwise to subscribe for additional shares or
                securities in the Company;

            

    

     

    
      	 	
              (c)

            	
              confer
                any right of conversion; or

            

    

     

    
      	 	
              (d)

            	
              confer
                any right to participate in any issue of bonus shares or shares issued
                by
                way of capitalisation of reserves.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Further
      provisions as to income

     

    
      	 	
              (4)

            	
              All
                or any of the following provisions shall apply in relation to any
                Euro
                Preference Shares of any series (“relevant Euro Preference Shares”) if so
                determined by the Board prior to allotment
                thereof;

            

    

     

    
      	 	
              (a)

            	
              (i)

            	
              if,
                on any Dividend Payment Date (“the relevant date”) on which a dividend
                (“the relevant dividend”) would otherwise fall to be paid on any relevant
                Euro Preference Shares, the profits of the Company available for
                distribution are, in the opinion of the Board, insufficient to enable
                payment in full to be made of the relevant dividend, then the Board
                shall
                (after payment in full, or the setting aside of a sum required for
                payment
                in full, of all dividends payable on or before the relevant date
                on any
                shares in the capital of the Company in priority to the relevant
                Euro
                Preference Shares) apply such profits, if any, in paying dividends
                to the
                holders of participating shares (as defined below) pro rata to the
                amounts
                of dividend on participating shares accrued and payable on or before
                the
                relevant date. For the purposes of this paragraph, the expression
                “participating shares” shall mean the relevant Euro Preference Shares and
                any other shares in the capital of the Company which rank pari passu
                as to
                participation in profits with the relevant Euro Preference Shares
                and on
                which either (1) a dividend is payable on the relevant date or (2)
                arrears
                of cumulative dividend are unpaid at the relevant
                date;

            

    

     

    
      	 	
              (ii)

            	
              if
                it shall subsequently appear that any such dividend which has been
                paid in
                whole or in part should not, in accordance with the provisions of
                this
                sub-paragraph, have been so paid, then provided the Board shall have
                acted
                in good faith, they shall not incur any liability for any loss which
                any
                shareholder may suffer in consequence of such payment having been
                made;

            

    

     

    
      	 	
              (b)

            	
              if
                the payment of any dividend on any relevant Euro Preference Shares
                would
                breach or cause a breach of the capital adequacy requirements of
                the
                Financial Services Authority (or any successor organisation responsible
                for the supervision of banks in the United Kingdom) from time to
                time
                applicable to the Company and/or any of its subsidiaries, then none
                of
                such dividend shall be payable;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              if
                a dividend or any part thereof on any relevant Euro Preference Shares
                is
                not paid for the reasons specified in sub-paragraphs (a) or (b) above,
                the
                holders of such shares shall have no claim in respect of such
                non-payment;

            

    

     

    
      	 	
              (d)

            	
              if
                any dividend on any relevant Euro Preference Shares in respect of
                such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, the Company may not thereafter purchase or redeem any other
                share
                capital of the Company ranking pari passu with or after the relevant
                Euro
                Preference Shares (and may not contribute any moneys to a sinking
                fund for
                any such purchase or redemption) until such time as dividends on
                the
                relevant Euro Preference Shares in respect of such period as the
                Board
                shall determine prior to allotment thereof shall have been paid in
                full
                (or an amount equivalent thereto shall have been paid or set aside
                to
                provide for such payment in full);

            

    

     

    
      	 	
              (e)

            	
              if
                any dividend on any relevant Euro Preference Shares in respect of
                such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, no dividend or other distribution may thereafter be declared
                or
                paid on any other share capital of the Company ranking as to dividend
                after the relevant Euro Preference Shares until such time as dividends
                on
                the relevant Euro Preference Shares in respect of such period as
                the Board
                shall determine prior to allotment thereof shall have been paid in
                full
                (or a sum shall have been paid or set aside to provide for such payment
                in
                full).

            

    

     

    Redemption

     

    
      	 	
              (5)

            	
              (a)

            	
              Unless
                otherwise determined by the Board in relation to Euro Preference
                Shares of
                any series prior to allotment thereof, the Euro Preference Shares
                shall,
                subject to the provisions of the Act, be redeemable at the option
                of the
                Company.

            

    

     

    
      	 	
              (b)

            	
              In
                the case of any series of Euro Preference Shares which are to be
                so
                redeemable:

            

    

     

    
      	 	
              (i)

            	
              the
                Company may, subject to the provisions of the Act and sub-paragraph
                (ii)
                below, redeem on any Redemption Date (as hereinafter defined) all,
                but not
                merely some, of the Euro Preference Shares of such series by giving
                to the
                holders of the Euro Preference Shares to be redeemed not less than
                30
                days’ nor more than 60 days’ prior notice in writing (a “Notice of
                Redemption”) of the relevant Redemption Date. “Redemption Date” means, in
                relation to Euro Preference Shares of a particular series, any date
                mentioned in any one of (A), (B) or (C) below, as determined by the
                Board
                prior to the first allotment of Euro Preference Shares of that
                series:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (A)

            	
              any
                date which falls on or after the First Redemption Date (as hereinafter
                defined); or

            

    

     

    
      	 	
              (B)

            	
              the
                First Redemption Date or any subsequent Dividend Payment Date for
                Euro
                Preference Shares of that series;
                or

            

    

     

    
      	 	
              (C)

            	
              the
                First Redemption Date or any successive fifth anniversary
                thereof.

            

    

     

    “First
      Redemption Date” means:

     

    
      	 	
              (D)

            	
              in
                relation to any Euro Preference Shares designated as “Series 1”, 30 June
                2012;

            

    

     

    
      	 	
              (E)

            	
              in
                relation to any other Euro Preference Shares of a particular series,
                one
                day after such one of the following dates as shall be determined
                by the
                Board prior to the first allotment of Euro Preference Shares of that
                series:

            

    

     

    
      	 	
              (1)

            	
              five
                years after the Relevant Date (as hereinafter
                defined);

            

    

     

    
      	 	
              (2)

            	
              ten
                years after the Relevant Date;

            

    

     

    
      	 	
              (3)

            	
              fifteen
                years after the Relevant Date;

            

    

     

    
      	 	
              (4)

            	
              twenty
                years after the Relevant Date;

            

    

     

    
      	 	
              (5)

            	
              thirty
                years after the Relevant Date.

            

    

     

    “Relevant
      Date” means, in relation to Euro Preference Shares of a particular series, such
      one of the following dates as shall be determined by the Board prior to the
      first allotment of Euro Preference Shares of that series:

     

    
      	 	
              (F)

            	
              the
                first date of allotment of Euro Preference Shares of that series;
                or

            

    

     

    
      	 	
              (G)

            	
              the
                first Dividend Payment Date for Euro Preference Shares of that
                series;

            

    

     

    
      	 	
              (ii)

            	
              if
                either of the restrictions in sub-paragraphs (4)(a)(i) and (4)(a)(ii)
                of
                this Article applies to any dividend otherwise payable on any Redemption
                Date on the Euro Preference Shares of that series, the Company may
                not
                redeem such Euro Preference Shares on that Redemption
                Date;

            

    

     

    
      	 	
              (iii)

            	
              there
                shall be paid on each Euro Preference Share so redeemed, in euro,
                the
                aggregate of the nominal amount thereof and any premium credited
                as paid
                up on such share together with any dividend payable on the Redemption
                Date;

            

    

     

    
      	 	
              (iv)

            	
              any
                Notice of Redemption given under sub-paragraph (b)(i) above shall
                specify
                the applicable Redemption Date, the particular Euro Preference Shares
                to
                be redeemed and the redemption price, and shall state the place or
                places
                at which documents of title or such other evidence as may be accepted
                by
                the Board in respect of such Euro Preference Shares are to be presented
                and surrendered for redemption and payment of the redemption moneys
                is to
                be effected. Upon such Redemption Date, the Company shall redeem
                the
                particular Euro Preference Shares to be redeemed on that date subject
                to
                the provisions of this paragraph and of the Act. No defect in the
                Notice
                of Redemption or in the giving thereof shall affect the validity
                of the
                redemption proceedings;

            

    

     

    
      	 	
              (v)

            	
              payments
                in respect of the amount due on redemption of a Euro Preference Share
                shall be made by euro cheque drawn on a bank in a member state of
                the
                European Union (or such other country participating in European Monetary
                Union from time to time) or upon the request of the holder or joint
                holders not later than the date specified for the purpose in the
                Notice of
                Redemption by transfer to a euro account maintained by the payee
                with a
                bank in a member state of the European Union (or such other country
                participating in European Monetary Union from time to time) or by
                such
                other method as the Board may determine. Such payment will be made
                against
                presentation and surrender of the relative certificate at the place
                or one
                of the places specified in the Notice of Redemption or against such
                other
                evidence as may be accepted by the
                Board.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    All
      payments in respect of redemption moneys will in all respects be subject to
      any
      applicable fiscal or other laws;

     

    
      	 	
              (vi)

            	
              as
                from the relevant Redemption Date the dividend on the Euro Preference
                Shares due for redemption shall cease to accrue except on any such
                Euro
                Preference Shares in respect of which, upon due surrender of the
                certificate or other evidence aforesaid, payment of the redemption
                moneys
                due on such Redemption Date shall be improperly withheld or refused,
                in
                which case such dividend, at the rate then applicable, shall be deemed
                to
                have continued and shall accordingly continue to accrue from the
                relevant
                Redemption Date to the date of payment of such redemption moneys.
                Such
                Euro Preference Shares shall not be treated as having been redeemed
                until
                the redemption moneys in question together with the accrued dividend
                thereon shall have been paid;

            

    

     

    
      	 	
              (vii)

            	
              if
                the due date for the payment of the redemption moneys on any Euro
                Preference Share is not a day on which the Trans-European Automated
                Real-Time Gross Settlement Express Transfer (TARGET) System (or any
                successor system) is open (a “Euro Business Day”), then payment of such
                moneys will be made on the next succeeding day which is a Euro Business
                Day and without any interest or other payment in respect of such
                delay;
                and

            

    

     

    
      	 	
              (viii)

            	
              the
                receipt of the holder for the time being of any Euro Preference Shares
                (or, in the case of joint registered holders, the receipt of any
                one of
                them) for the moneys payable on redemption thereof shall constitute
                an
                absolute discharge to the Company in respect
                thereof.

            

    

     

    
      	 	
              (c)

            	
              Upon
                the redemption or purchase of any Euro Preference Shares the Board
                shall
                have power without any further resolution or consent to convert the
                authorised but unissued Euro Preference Shares existing as a result
                of
                such redemption or purchase into shares of any other class of share
                capital into which the authorised share capital of the Company is
                or may
                be divided of the same nominal amount in euro as the Euro Preference
                Shares or into unclassified shares of the same nominal amount in
                euro as
                the Euro Preference Shares.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              Any
                Euro Preference Shares redeemed pursuant to this paragraph (5) shall
                be
                cancelled on redemption.

            

    

     

    Purchase

     

    
      	 	
              (6)

            	
              Subject
                to the provisions of the Act, the Company may at any time purchase
                any
                Euro Preference Shares (i) in the market, (ii) by tender (available
                alike
                to all holders of the same class of Euro Preference Shares) or (iii)
                by
                private treaty, in each case upon such terms as the Board shall
                determine.

            

    

     

    Consolidation
      and division

     

    
      	 	
              (7)

            	
              Pursuant
                to the authority given by the passing of the resolution adopting
                this
                Article the Board may consolidate and divide and/or sub-divide any
                Euro
                Preference Shares into shares of a larger or smaller
                amount.

            

    

     

    Attendance
      and voting at general meetings

     

    
      	 	
              (8)

            	
              (a)

            	
              Save
                as provided by its terms of issue, no Euro Preference Share shall
                carry
                any right to attend or vote at general meetings of the
                Company.

            

    

     

    
      	 	
              (b)

            	
              If
                so determined by the Board prior to allotment thereof, holders of
                Euro
                Preference Shares of any series shall have the right to attend and
                vote at
                general meetings of the Company in the following
                circumstances:

            

    

     

    
      	 	
              (i)

            	
              if
                any dividend on any Euro Preference Shares of that series in respect
                of
                such period as the Board shall determine prior to allotment thereof
                is not
                paid in full, the right to attend and vote at general meetings of
                the
                Company until such time as dividends on those Euro Preference Shares
                in
                respect of such period as the Board shall determine prior to allotment
                thereof shall have been paid in full (or a sum shall have been paid
                or set
                aside to provide for such payment in
                full);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              in
                such other circumstances, and upon and subject to such terms, as
                the Board
                may determine prior to allotment of such Euro Preference
                Shares.

            

    

     

    
      	 	
              (c)

            	
              Whenever
                holders of Euro Preference Shares are entitled to vote on a resolution
                at
                a general meeting, on a show of hands every such holder who is present
                in
                person shall have one vote and on a poll every such holder who is
                present
                in person or by proxy shall have one vote per Euro Preference Share
                held
                by him or such number of votes per share as the Board shall determine
                prior to allotment of such share.

            

    

     

    
      	 	
              (d)

            	
              Holders
                of Euro Preference Shares having a registered address or address
                for
                correspondence within the United Kingdom shall have the right to
                have sent
                to them (at the same time as the same are sent to the holders of
                Ordinary
                Shares) all notices of general meetings of the Company and a copy
                of every
                circular or other like document sent out by the Company to the holders
                of
                Ordinary Shares.

            

    

     

    Further
      preference shares

     

    
      	 	
              (9)

            	
              The
                special rights attached to any Euro Preference Shares of any series
                allotted or in issue shall not (unless otherwise provided by their
                terms
                of issue) be deemed to be varied by the creation or issue of any
                other
                preference shares or further shares in any currency (“new shares”) ranking
                as regards participation in the profits and assets of the Company
                pari
                passu with such Euro Preference Shares and so that any new shares
                ranking
                pari passu with such Euro Preference Shares may either carry rights
                and
                restrictions identical in all respects with such Euro Preference
                Shares or
                any of them or rights and restrictions differing therefrom in any
                respect
                including but without prejudice to the generality of the foregoing
                in
                that:

            

    

     

    
      	 	
              (a)

            	
              the
                rate of and/or basis of calculation of dividend may differ and the
                dividend may be cumulative or
                non-cumulative;

            

    

     

    
      	 	
              (b)

            	
              the
                new shares or any series thereof may rank for dividend as from such
                date
                as may be provided by the terms of issue thereof and the dates of
                payment
                of dividend may differ;

            

    

     

    
      	 	
              (c)

            	
              a
                premium may be payable on return of capital or there may be no such
                premium;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              the
                new shares may be redeemable at the option of the holder or of the
                Company, or may be non-redeemable, and if redeemable at the option
                of the
                Company they may be redeemable at different dates and on different
                terms
                from those applying to the Euro Preference Shares;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                new shares may be convertible into Ordinary Shares or any other class
                of
                shares ranking as regards participation in the profits and assets
                of the
                Company pari passu with or after such Euro Preference Shares in each
                case
                on such terms and conditions as may be prescribed by the terms of
                issue
                thereof.

            

    

     

    Variation
      of class rights

     

    
      	 	
              (10)

            	
              (a)

            	
              Subject
                to the provisions of the Act:

            

    

     

    
      	 	
              (i)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to the Euro Preference Shares may from
                time to
                time (whether or not the Company is being wound up) be varied or
                abrogated
                with the consent in writing of the holders of not less than three-quarters
                in nominal value of the Euro Preference Shares of all series in issue
                or
                with the sanction of an extraordinary resolution passed at a separate
                general meeting of the holders of the Euro Preference Shares, voting
                as a
                single class without regard for series;
                and

            

    

     

    
      	 	
              (ii)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to Euro Preference Shares of any series
                may be
                varied or abrogated so as to affect adversely such rights on a basis
                different from any other series of Euro Preference Shares with the
                consent
                in writing of the holders of not less than three-quarters in nominal
                value
                of the Euro Preference Shares of such series or with the sanction
                of an
                extraordinary resolution passed at a separate general meeting of
                the
                holders of Euro Preference Shares of such
                series.

            

    

     

    All
      the
      provisions of these Articles as to general meetings of the Company shall mutatis
      mutandis apply to any such separate general meeting, but so that the necessary
      quorum shall be two persons holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class, that every holder of shares
      of the class shall be entitled on a poll to one vote for every share of the
      class held by him, that any holder of shares of the class present in person
      or
      by proxy may demand a poll and that at any adjourned meeting of the holders
      one
      holder present in person or by proxy (whatever the number of shares held by
      him)
      shall be a quorum.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Unless
                otherwise provided by its terms of issue, the rights attached to
                any Euro
                Preference Share shall not be deemed to be varied or abrogated by
                a
                reduction of any share capital or purchase by the Company or redemption
                of
                any share capital in each case ranking as regards participation in
                the
                profits and assets of the Company in priority to or pari passu with
                or
                after such Euro Preference Share.”;
                and

            

    

     

    
      	 	
              (iv)

            	
              by
                the re-numbering of the existing Article 5A (Rights of the Non-voting
                Deferred Shares) as Article 5C.

            

    

    

    ORDINARY
      RESOLUTION

     

    
      	
              5

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 to exercise all the powers of the Company to allot relevant
                securities (within the meaning of that section) up to an aggregate
                nominal
                amount of US$848,847,000 and either £500,000,000 (in the form of
                non-cumulative Sterling Preference Shares of £1 each) or, conditional upon
                the passing of Resolution 4 set out in the Notice of this Meeting
                of which
                this Resolution forms part (“the Condition”), £100,000, US$100,000 and
                €100,000 (in each such case in the form of 10,000,000 non-cumulative
                preference shares) provided that this authority shall be limited
                so that,
                otherwise than pursuant to:

            

    

     

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

     

    
      	 	
              (i)

            	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

     

    
      	 	
              (ii)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

     

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

     

    
      	 	
              (b)

            	
              the
                terms of any share scheme for employees of the Company or any of
                its
                subsidiary undertakings; or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

     

    
      	 	
              (d)

            	
              the
                allotment of up to 500,000,000 non-cumulative Sterling Preference
                Shares
                of £1 each in the capital of the Company or, if the Condition is
                satisfied, the allotment of up to 10,000,000 non-cumulative preference
                shares of £0.01 each, 10,000,000 non-cumulative preference shares of
                US$0.01 each and 10,000,000 non-cumulative preference shares of €0.01 each
                in the capital of the Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority wholly for cash shall not in aggregate exceed US$212,211,750
      (being equal to approximately 5 per cent of the nominal amount of Ordinary
      Shares of the Company in issue at the date of the Notice of this Meeting) and
      such authority shall expire at the conclusion of the Annual General Meeting
      of
      the Company to be held in 2001 save that this authority shall allow the Company
      before the expiry of this authority to make offers or agreements which would
      or
      might require relevant securities to be allotted after such expiry and the
      Directors may allot relevant securities in pursuance of such offers or
      agreements as if the authority conferred hereby had not expired.

     

    SPECIAL
      RESOLUTION

    

    
      	6	
              THAT,
                subject to the passing of Resolution 5 set out in the Notice convening
                this Meeting, the Directors be and they are hereby empowered, pursuant
                to
                section 95 of the Companies Act 1985 (“the Act”) to allot equity
                securities (as defined by section 94 of the Act) pursuant to the
                authority
                conferred by Resolution 5 as if section 89(1) of the Act did not
                apply to
                any such allotment, provided that this power shall expire at the
                conclusion of the Annual General Meeting of the Company to be held
                in 2001
                save that this power shall enable the Company before the expiry of
                this
                power to make offers or agreements which would or might require equity
                securities to be allotted after such expiry and the Directors may
                allot
                equity securities in pursuance of such offers or agreements as if
                the
                power conferred hereby had not
                expired.

            

    

     

    ORDINARY
      RESOLUTIONS

     

    
      	
              7

            	
              THAT
                the Company be and is generally and unconditionally authorised to
                make
                market purchases (within the meaning of section 163 of the Companies
                Act
                1985) of Ordinary Shares of US$0.50 each in the capital of the Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

     

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                848,847,000 Ordinary Shares;

            

    

     

    
      	 	
              (b)

            	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of the London Stock Exchange Limited) for the five dealing days
                immediately preceding the day on which the Ordinary Share is contracted
                to
                be purchased or (ii) 105 per cent of the average of the closing prices
                of
                Ordinary Shares on The Stock Exchange of Hong Kong Limited for the
                five
                dealing days immediately preceding the day on which the Ordinary
                Share is
                contracted to be purchased, in each case converted (where relevant)
                into
                the relevant currency in which the purchase is effected calculated
                by
                reference to the spot rate of exchange for the purchase of such currency
                with the currency in which the quotation and/or price is given as
                quoted
                by HSBC Bank plc in the London Foreign Exchange Market at or about
                11.00
                am (London time) on the business day prior to the date on which the
                Ordinary Share is contracted to be purchased, in each case such rate
                to be
                the rate as conclusively certified by an officer of HSBC Bank
                plc;

            

    

     

    
      	 	
              (d)

            	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2001;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

     

    
      	
              8

            	
              THAT
                the amended rules of the HSBC Holdings Savings-Related Share Option
                Plan
                (“SAYE Plan”) (the main features of which are summarised in Appendix II to
                the Chairman’s letter to Shareholders dated 19 April 2000 and a copy of
                which has been signed for the purposes of identification by the Chairman
                of the Meeting) including the deferral of the final date on which
                options
                may be granted under the SAYE Plan to 26 May 2010 are hereby approved
                and
                that the Directors are hereby authorised to do whatever may be necessary
                or expedient to carry the amended SAYE Plan into effect including
                making
                such changes as may be necessary to secure the approval of the Inland
                Revenue under Schedule 9 to the Income and Corporation Taxes Act
                1988.

            

    

     

    
      	
              9

            	
              THAT
                the amended rules of the HSBC Holdings Savings-Related Share Option
                Plan:
                Overseas Section (“Overseas SAYE Plan”) (the main features of which are
                summarised in Appendix II to the Chairman’s letter to Shareholders dated
                19 April 2000 and a copy of which has been signed for the purposes
                of
                identification by the Chairman of the Meeting) including the deferral
                of
                the final date on which options may be granted under the Overseas
                SAYE
                Plan to 26 May 2010 are hereby approved and that the Directors are
                hereby
                authorised to do whatever may be necessary or expedient to carry
                the
                amended Overseas SAYE Plan into
                effect.

            

    

     

    
      	
              10

            	
              THAT
                the HSBC Holdings UK All-Employee Share Ownership Plan (“the UK AESOP”)
                (the main features of which are summarised in Appendix II to the
                Chairman’s letter to Shareholders dated 19 April 2000 and the draft rules
                of which have been signed for the purposes of identification by the
                Chairman of the Meeting) is hereby approved and that the Directors
                are
                hereby authorised to do whatever may be necessary or expedient to
                carry
                the UK AESOP into effect including making such amendments to the
                draft
                rules as they consider necessary to take account of the relevant
                provisions of the Finance Act 2000 when enacted and to obtain Inland
                Revenue approval of the UK AESOP.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              11

            	
              THAT
                the Directors be and are hereby authorised to establish for the benefit
                of
                non-United Kingdom resident employees of the Company or of any of
                its
                direct or indirect subsidiaries such further all-employee share ownership
                plans as the Directors shall from time to time consider appropriate,
                provided that:

            

    

     

    
      	 	
              (a)

            	
              any
                such further plans are based on or similar to the HSBC Holdings UK
                All-Employee Share Ownership Plan or any part or parts thereof but
                with
                such variations as the Directors may consider necessary or desirable
                taking into account local tax, exchange control and securities laws
                in
                relevant overseas countries or territories;
                and

            

    

     

    
      	 	
              (b)

            	
              where
                Ordinary Shares made available under such further plans are newly
                issued
                such Shares shall be counted against the overall limits applicable
                to the
                Company’s employee share plans,

            

    

     

    and
      in
      any event this authority shall extend to establishing, for the benefit of
      French-resident employees of the Company or of any of its direct or indirect
      subsidiaries, one or more plans d’épargne d’entreprise or similar plans on such
      terms as the Directors shall consider appropriate in accordance with French
      law
      and practice and shall also extend to making Ordinary Shares available under
      such plan or plans, and so that for this purpose establishing a plan also
      includes participating in a plan established or operated by any direct or
      indirect subsidiary, or establishing or participating in a sub-plan or adopting
      such other method or approach as the Directors consider appropriate to achieve
      the relevant objectives.

     

    
      	
              12

            	
              THAT
                the HSBC Holdings Group Share Option Plan (“the New Option Plan”) (the
                main features of which are summarised in Appendix II to the Chairman’s
                letter to Shareholders dated 19 April 2000 and the draft rules of
                which
                have been signed for the purposes of identification by the Chairman
                of the
                Meeting) is hereby approved and that the Directors are hereby authorised
                to do whatever may be necessary or expedient to carry the New Option
                Plan
                into effect including making such changes to Part A of the New Option
                Plan
                as may be necessary to secure the approval of the Inland Revenue
                under
                schedule 9 to the Income and Corporation Taxes Act 1988, and creating
                such
                schedules to or sub-plans (which are, or may be deemed for relevant
                purposes to be, independent plans) of the New Option Plan as they
                consider
                necessary or desirable for the benefit of non-United Kingdom resident
                employees of the Company or its subsidiaries, taking account of local
                tax,
                exchange control and securities laws in the relevant country or
                territory.

            

    

     

    
      	
              13

            	
              THAT
                the HSBC Holdings Restricted Share Plan 2000 (the main features of
                which
                are summarised in Appendix II to the Chairman’s letter to Shareholders
                dated 19 April 2000 and the draft rules of which have been signed
                for the
                purposes of identification by the Chairman of the Meeting) is hereby
                approved and that the Directors are hereby authorised to do whatever
                may
                be necessary or expedient to carry the HSBC Holdings Restricted Share
                Plan
                2000 into effect and to create such schedules to or sub-plans (which
                are,
                or may be deemed for relevant purposes to be, independent plans)
                of the
                HSBC Holdings Restricted Share Plan 2000 as they consider necessary
                or
                desirable for the benefit of non-United Kingdom resident employees
                of the
                Company or its subsidiaries, taking account of local tax, exchange
                control
                and securities laws in the relevant country or
                territory.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              14

            	
              THAT
                pursuant to Article 104.1 of the Articles of Association of the Company
                with effect from 1  January 2000 the Directors (other than alternate
                Directors) shall be entitled to receive £35,000 per annum by way of fees
                for their services as Directors.

            

    

     

    J
      R H Bond

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
        

      

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
        

      

    Passed
      25
      May 2001

     

    
      
        

      

    

    

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 25 May 2001, the following Resolutions were
      passed:

    

    SPECIAL
      RESOLUTION

    

    
      	4	
              THAT

            

    

     

    
      
        	
              	(a)	
                the
                  authorised share capital of the Company denominated in United States
                  dollars be increased to US$7,500,100,000 by the creation of an
                  additional
                  4,500,000,000 Ordinary Shares of US$0.50 each;
                  and

              

      

       

      
        	
              	(b)	
                the
                  Articles of Association of the Company be and are hereby altered
                  by the
                  deletion of Article 4.1 and the substitution therefor of the
                  following:

              

      

    

     

    
      	 	
              “4.1

            	
              The
                authorised share capital of the Company is US$7,500,100,000 divided
                into
                15,000,000,000 Ordinary Shares of US$0.50 each and 10,000,000 Dollar
                Preference Shares of US$0.01 each, £401,500 divided into 10,000,000
                Sterling Preference Shares of £0.01 each and 301,500 Non-voting Deferred
                Shares of £1 each, and €100,000 divided into 10,000,000 Euro Preference
                Shares of €0.01 each.” 

            

    

    

    ORDINARY
      RESOLUTION

    

    
      	
              5

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 to exercise all the powers of the Company to allot relevant
                securities (within the meaning of that section) up to an aggregate
                nominal
                amount of £100,000, US$100,000 and €100,000 (in each such case in the form
                of 10,000,000 non-cumulative preference shares) and either US$615,075,000
                or, conditional upon the passing of Resolution 4 set out in the Notice
                of
                this Meeting, US$926,985,000 (in either such case in the form of
                Ordinary
                Shares of US$0.50 each) provided that this authority shall be limited
                so
                that, otherwise than pursuant to:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

     

    
      	 	
              (i)

            	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

     

    
      	 	
              (ii)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

     

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

     

    
      	 	
              (b)

            	
              the
                terms of any share plan for employees of the Company or any of its
                subsidiary undertakings; or

            

    

     

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

     

    
      	 	
              (d)

            	
              the
                allotment of up to 10,000,000 non-cumulative preference shares of
£0.01
                each, 10,000,000 non-cumulative preference shares of US$0.01 each
                and
                10,000,000 non-cumulative preference shares of €0.01 each in the capital
                of the Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority wholly for cash shall not in aggregate exceed US$231,746,250
      (being equal to approximately 5 per cent of the nominal amount of Ordinary
      Shares of the Company in issue at the date of the Notice of this Meeting) and
      such authority shall expire at the conclusion of the Annual General Meeting
      of
      the Company to be held in 2002 save that this authority shall allow the Company
      before the expiry of this authority to make offers or agreements which would
      or
      might require relevant securities to be allotted after such expiry and the
      Directors may allot relevant securities in pursuance of such offers or
      agreements as if the authority conferred hereby had not expired.

     

    

    SPECIAL
      RESOLUTION

    

    
      	6	
              THAT,
                subject to the passing of Resolution 5 set out in the Notice of this
                Meeting, the Directors be and they are hereby empowered pursuant
                to
                section 95 of the Companies Act 1985 (“the Act”) to allot equity
                securities (as defined by section 94 of the Act) pursuant to the
                authority
                conferred by Resolution 5 as if section 89(1) of the Act did not
                apply to
                any such allotment, provided that this power shall expire at the
                conclusion of the Annual General Meeting of the Company to be held
                in 2002
                save that this power shall enable the Company before the expiry of
                this
                power to make offers or agreements which would or might require equity
                securities to be allotted after such expiry and the Directors may
                allot
                equity securities in pursuance of such offers or agreements as if
                the
                power conferred hereby had not
                expired.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ORDINARY
      RESOLUTION

     

    
      	
              7

            	
              THAT
                the Company be and is generally and unconditionally authorised to
                make
                market purchases (within the meaning of section 163 of the Companies
                Act
                1985) of Ordinary Shares of US$0.50 each in the capital of the Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

     

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                926,985,000 Ordinary Shares;

            

    

     

    
      	 	
              (b)

            	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

     

    
      	 	
              (c)

            	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of the London Stock Exchange plc) for the five dealing days
                immediately preceding the day on which the Ordinary Share is contracted
                to
                be purchased or (ii) 105 per cent of the average of the closing prices
                of
                Ordinary Shares on The Stock Exchange of Hong Kong Limited for the
                five
                dealing days immediately preceding the day on which the Ordinary Share is
                contracted to be purchased, in each case converted (where relevant)
                into
                the relevant currency in which the purchase is effected calculated
                by
                reference to the spot rate of exchange for the purchase of such currency
                with the currency in which the quotation and/or price is given as
                quoted
                by HSBC Bank plc in the London Foreign Exchange Market at or about
                11.00
                am (London time) on the business day prior to the date on which the
                Ordinary Share is contracted to be purchased, in each case such rate
                to be
                the rate as conclusively certified by an officer of HSBC Bank
                plc;

            

    

     

    
      	 	
              (d)

            	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2002;
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

     

    SPECIAL
      RESOLUTION

    

    
      	8	
              THAT
                the Articles of Association of the Company be and are hereby altered
                as
                follows:

            

    

     

    
      	 	
              (a)

            	
              by
                inserting after the expression “Act” in Article 2.1 the following new
                expression:

            

    

     

    
      	 	
              “address   

            	in relation to any electronic communication
              includes any number or address used for the purposes of such
              communication”;

    

     

    
      	 	
              (b)

            	
              by
                inserting after the expression “clear days” in Article 2.1 the following
                new expression:

            

    

     

    
      
        	 	
                
                  “communication  

                

              	has the meaning given to it in the
                Electronic
                Communications Act 2000”;

      

       

    

    
      	 	
              (c)

            	
              by
                inserting after the expression “Dollar Preference Share” in Article 2.1
                the following new expression:

            

    

     

    
      
        
          	 	
                  
                    “electronic
                      communication

                  

                	has the meaning given to it in the
                  Electronic
                  Communications Act 2000 and “electronic communications” shall be construed
                  accordingly”;

        

      

    

     

    
      	 	
              (d)

            	
              by
                deleting from the meaning of the expression “The Stock Exchange” in
                Article 2.1 the word “Limited” and substituting therefor the word
                “plc”;

            

    

     

    
      	 	
              (e)

            	
              by
                adding at the end of the meaning of the expression “writing or written” in
                Article 2.1 the following words “and, if the Board shall in its absolute
                discretion determine for any purpose or purposes under these Articles,
                subject to such terms and conditions as the Board may determine,
                electronic communications”;

            

    

     

    
      	 	
              (f)

            	
              by
                deleting in Article 56.1 the word “instrument” and substituting therefor
                the word “appointment”;

            

    

     

    
      	 	
              (g)

            	
              by
                deleting the final sentence of Article 71.3 and substituting therefor
                the
                following:

            

    

     

    “Evidence
      to the satisfaction of the Board of the authority of the person claiming to
      exercise the right to vote shall be deposited at the Office, or deposited or
      received at such other place or address as is specified in accordance with
      these
      Articles for the deposit or receipt of appointments of proxy, not less than
      48
      hours before the time appointed for holding the meeting or adjourned meeting
      at
      which the right to vote is to be exercised, and in default the right to vote
      shall not be exercisable.”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (h)

            	
              by
                deleting in Article 74.1 the words “Deposit of an instrument of” in the
                second line and substituting therefor the words “The appointment of
                a”;

            

      	 	 	 

      	 	(i)	in Article 75.1:

    

     

    
      	 	
              (i)

            	
              by
                deleting the words “instrument appointing” in the first line and
                substituting therefor the words “appointment
                of”;

            

      	 	 	 

      	 	(ii)	by deleting Article 75.1(a) and substituting therefor
              the
              following:

    

     

    “be
      in
      writing and, if the Board in its absolute discretion determines, may be
      contained in an electronic communication, in any such case in any common form
      or
      in such other form as the Board may approve and: (i) if in writing but not
      contained in an electronic communication, under the hand of the appointor or
      of
      his attorney duly authorised in writing or, if the appointor is a corporation,
      under its common seal or under the hand of some officer or attorney duly
      authorised in that behalf; or (ii) in the case of an appointment contained
      in an
      electronic communication, submitted by or on behalf of the appointor, subject
      to
      such terms and conditions and authenticated in such manner as the Board may
      in
      its absolute discretion determine;”;

     

    
      	 	
              (j)

            	
              by
                altering the title of Article 76 to “Deposit or receipt of proxy” and
                making the following alterations to Article
                76.1:

            

    

     

    
      	 	
              (i)

            	
              deleting
                the words “instrument appointing” in the first line and substituting
                therefor the words “appointment of”;

            

      	 	 	 

      	 	(ii) 	in Article 76.1(a):

    

     

    
      	
            	(A)	
              adding
                the following words at the beginning of that
                Article:

            

    

     

    “in
      the
      case of an instrument in writing (including, whether or not the appointment
      of
      proxy is contained in an electronic communication, any such power of attorney
      or
      other authority),”;

     

    
      	 	
              (B)

            	
              deleting
                the word “instrument” in the fifth line and substituting therefor the word
                “appointment”;

            

    

     

    
      	
            	(iii)	
              inserting
                after Article 76.1(a) the following new Article
                76.1(aa):

            

    

     

    
      	 	
              “(aa)

            	
              in
                the case of an appointment contained in an electronic communication,
                where
                an address has been specified for the purpose of receiving
                communications:

            

      	 	 	 

      	 	(A)	in the notice convening the meeting;
              or

    

     

    
      	 	
              (B)

            	
              in
                any instrument of proxy sent out by the Company in relation to the
                meeting; or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (C)

            	
              in
                any invitation contained in an electronic communication to appoint
                a proxy
                issued by the Company in relation to the
                meeting,

            

    

     

    be
      received at such address not less than 48 hours before the time for holding
      the
      meeting or adjourned meeting at which the person named in the appointment
      proposes to vote; or”;

     

    
      	 	
              (iv)

            	
              adding
                in Article 76.1(b) the words “or received” after the word
                “deposited”;

            

    

     

    
      	 	
              (v)

            	
              deleting
                the existing text after Article 76.1(c) and substituting therefor
                the
                following:

            

    

     

    “and
      an
      appointment of proxy not deposited, delivered or received in a manner so
      permitted shall be invalid. No appointment of proxy shall be valid after the
      expiry of 12 months from the date named in it as the date of its execution
      or
      the date of its submission, except at an adjourned meeting or on a poll demanded
      at a meeting or an adjourned meeting in cases where the meeting was originally
      held within 12 months from such date.”;

     

    
      	
            	(k)	
              by
                deleting Article 77.1 and substituting therefor the
                following:

            

    

     

    “A
      member
      may appoint more than one proxy to attend on the same occasion. When two or
      more
      valid but differing appointments of proxy are delivered or received in respect
      of the same share for use at the same meeting and in respect of the same matter,
      the one which is last validly delivered or received (regardless of its date
      or
      of the date of its execution or submission) shall be treated as replacing and
      revoking the other or others as regards that share. If the Company is unable
      to
      determine which appointment was last validly delivered or received, none of
      them
      shall be treated as valid in respect of that share.”;

     

    
      	 	
              (l)

            	
              in
                Article 78.1, by deleting the first sentence and substituting therefor
                the
                following:

            

    

     

    “The
      Board may at the expense of the Company send or make available, by post,
      electronic communication or otherwise, appointments of proxy (reply-paid or
      otherwise) to members for use at any general meeting(s) or at any separate
      meeting(s) of the holders of any class of shares, either in blank or nominating
      in the alternative any one or more of the Directors or any other
      persons.”;

     

    
      	
            	(m)	
              by
                deleting Article 79.1 and substituting therefor the
                following:

            

    

     

    “A
      vote
      given or poll demanded in accordance with the terms of an appointment of proxy
      shall be valid notwithstanding the death or mental disorder of the principal
      or
      the revocation of the appointment of proxy, or of the authority under which
      the
      appointment of proxy was executed or submitted, or the transfer of the share
      in
      respect of which the appointment of proxy is given, unless notice in writing
      of
      such death, mental disorder, revocation or transfer shall have been received
      by
      the Company at the Office, or at such other place or places or address as has
      or
      have been appointed for the deposit or receipt of appointments of proxy, at
      least 48 hours before the commencement of the meeting or adjourned meeting
      or
      the taking of the poll at which the appointment of proxy is used.”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(n)	
              by
                adding the following new Article
                91.2:

            

    

     

    
      	 	
              “91.2

            	
              In
                addition to the Directors required to retire by rotation under Article
                91.1, there shall also be required to retire by rotation any Director
                who
                at an annual general meeting of the Company shall have been a Director
                at
                each of the preceding two annual general meetings of the Company
                and who
                was not elected or re-elected at either such annual general meeting
                and
                who has not otherwise ceased to be a Director (either by resignation,
                retirement, removal or otherwise) and been re-elected by general
                meeting
                of the Company at or since either such annual general
                meeting.”;

            

    

     

    
      	 	
              (o)

            	
              by
                altering the title of Article 159 to “Form of Notices” and making the
                following alterations to Article
                159:

            

    

     

    
      	 	
              (i)

            	
              deleting
                the first sentence of Article 159.1 and substituting therefor the
                following:

            

    

     

    “Notwithstanding
      anything to the contrary in these Articles, any notice or document to be given,
      sent, issued, deposited, served or delivered (or the equivalent) to or by any
      person pursuant to these Articles (other than a notice calling a meeting of
      the
      Directors) shall be in writing and, if the Board in its absolute discretion
      considers appropriate for any purpose or purposes under these Articles, any
      such
      notice or document shall be deemed given, sent, issued, deposited, served or
      delivered (or the equivalent) where it is sent using electronic communications
      to an address for the time being notified for that purpose to the person giving
      the notice, but subject always to the provisions of Article 162. In the case
      of
      notices or other documents sent by means of electronic communication the Board
      may make this subject to such terms and conditions as it shall in its absolute
      discretion consider appropriate.”;

     

    
      	
            	(ii)	
              adding
                the following new Article 159.2:

            

    

     

    
      	 	
              “159.2

            	
              For
                the purposes of Article 159.1, notices or documents shall be treated
                as
                being sent using electronic communications by the Company to a person
                where (i) the Company and that person have agreed to his having access
                to
                the notice or document on a web site (instead of such notice or document
                being sent to him) (ii) the notice or document (as the case may be)
                is a
                notice or document to which that agreement applies and (iii) a notice
                is
                sent to the person, in a manner for the time being agreed for that
                purpose
                between him and the Company, of (a) the publication of that notice
                or
                document on the web site (b) the address of the web site and (c)
                the place
                on that web site where the notice or document may be accessed, and
                how it
                may be accessed, and in any such case the notification referred to
                above
                shall be treated as the relevant notice for the purposes of these
                Articles.”;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(p)	
              by
                adding in Article 160.1 after the words “that address” in the third line
                the words “or, in the circumstances referred to in Article 159, by sending
                it using electronic communications to an address for the time being
                notified to the Company by the
                member”;

            

    

     

    
      	
            	(q)	
              by
                deleting Article 160.3 and substituting therefor the
                following:

            

    

     

    “Where
      a
      member (or, in the case of joint holders, the person first named in the
      Register) has a registered address outside Hong Kong or the United Kingdom
      but
      has notified the Company of an address within Hong Kong or the United Kingdom
      at
      which notices or other documents may be given to him or, if the Board in its
      absolute discretion permits, an address to which notices or documents may be
      sent using electronic communications, he shall be entitled to have notices
      or
      documents given or sent to him at that address but otherwise no such member
      shall be entitled to receive any notice or document from the Company. If on
      at
      least two consecutive occasions the Company has attempted to send notices or
      documents using electronic communications to an address for the time being
      notified to the Company by a member for that purpose but the Company is aware
      that there has been a failure of delivery of such notice or document in the
      manner described in Article 162.3, then the Company shall thereafter send
      notices or documents through the post to such member at his registered address
      or his address for the service of notices by post, in which case the provisions
      of the remainder of this Article shall apply. If on three consecutive occasions
      notices or documents have been sent through the post to any member at his
      registered address or his address for the service of notices but have been
      returned undelivered, such member shall not thereafter be entitled to receive
      notices or documents from the Company until he shall have communicated with
      the
      Company and supplied in writing a new registered address or address within
      Hong
      Kong or the United Kingdom for the service of notices or, if the Board in its
      absolute discretion permits, an address to which notices or documents may be
      sent using electronic communications.”;

     

    
      	
            	(r)	
              by
                adding in Article 161.1 after the words “United Kingdom” in the sixth line
                the words “or to which notices may be sent using electronic
                communications”; and

            

    

     

    
      	
            	(s)	
              by
                adding the following new Article
                162.3:

            

    

     

    
      	 	
              “162.3

            	
              Any
                notice or other document addressed to a member shall, if sent using
                electronic communications, be deemed to have been served or delivered
                at
                the expiration of 24 hours after the time it was first sent. In proving
                such service or delivery it shall be conclusive to prove that the
                address
                used for the electronic communication was the address supplied for
                that
                purpose and the electronic communication was properly dispatched,
                unless
                the Company is aware that there has been a failure of delivery of
                such
                notice or document following at least 2 attempts in which case such
                notice
                or document shall be sent to the member at his registered address
                or
                address for service in Hong Kong or the United Kingdom provided that
                the
                date of deemed service or delivery shall be 24 hours from the dispatch of
                the original electronic communication in accordance with this
                Article.”.

            

    

     

    Sir
      John Bond

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
        

      

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      31
      May 2002

     

    
      

    

     

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 31 May 2002, the following Resolutions were
      passed:

     

    ORDINARY
      RESOLUTION

    

    
      	
              4

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 to exercise all the powers of the Company to allot relevant
                securities (within the meaning of that section) up to an aggregate
                nominal
                amount of £100,000, US$100,000 and €100,000 (in each such case in the form
                of 10,000,000 non-cumulative preference shares) and US$935,560,000
                (in the
                form of Ordinary Shares of US$0.50 each) provided that this authority
                shall be limited so that, otherwise than pursuant
                to:

            

    

     

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

     

    
      	 	
              (i)

            	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

     

    
      	 	
              (ii)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

     

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              the
                terms of any share plan for employees of the Company or any of its
                subsidiary undertakings; or

            

    

     

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

     

    
      	 	
              (d)

            	
              the
                allotment of up to 10,000,000 non-cumulative preference shares of
£0.01
                each, 10,000,000 non-cumulative preference shares of US$0.01 each
                and
                10,000,000 non-cumulative preference shares of €0.01 each in the capital
                of the Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority wholly for cash shall not in aggregate exceed US$233,890,000
      (being equal to approximately 5 per cent of the nominal amount of Ordinary
      Shares of the Company in issue at the date of the Notice of this Meeting) and
      such authority shall expire at the conclusion of the Annual General Meeting
      of
      the Company to be held in 2003 save that this authority shall allow the Company
      before the expiry of this authority to make offers or agreements which would
      or
      might require relevant securities to be allotted after such expiry and the
      Directors may allot relevant securities in pursuance of such offers or
      agreements as if the authority conferred hereby had not expired.

     

    SPECIAL
      RESOLUTION

    

    
      	
              5

            	
              THAT,
                subject to the passing of Resolution 4 set out in the Notice of this
                Meeting, the Directors be and they are hereby empowered pursuant
                to
                section 95 of the Companies Act 1985 (“the Act”) to allot equity
                securities (as defined by section 94 of the Act) pursuant to the
                authority
                conferred by Resolution 4 as if section 89(1) of the Act did not
                apply to
                any such allotment, provided that this power shall expire at the
                conclusion of the Annual General Meeting of the Company to be held
                in 2003
                save that this power shall enable the Company before the expiry of
                this
                power to make offers or agreements which would or might require equity
                securities to be allotted after such expiry and the Directors may
                allot
                equity securities in pursuance of such offers or agreements as if
                the
                power conferred hereby had not
                expired.

            

    

     

    ORDINARY
      RESOLUTIONS

     

    
      	
              6

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                to
                make market purchases (within the meaning of section 163 of the Companies
                Act 1985) of Ordinary Shares of US$0.50 each in the capital of the
                Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

     

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                935,560,000 Ordinary Shares;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

     

    
      	 	
              (c)

            	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of the London Stock Exchange plc) for the five dealing days
                immediately preceding the day on which the Ordinary Share is contracted
                to
                be purchased or (ii) 105 per cent of the average of the closing prices
                of
                Ordinary Shares on The Stock Exchange of Hong Kong Limited for the
                five
                dealing days immediately preceding the day on which the Ordinary
                Share is
                contracted to be purchased, in each case converted (where relevant)
                into
                the relevant currency in which the purchase is effected calculated
                by
                reference to the spot rate of exchange for the purchase of such currency
                with the currency in which the quotation and/or price is given as
                quoted
                by HSBC Bank plc in the London Foreign Exchange Market at or about
                11.00
                am (London time) on the business day prior to the date on which the
                Ordinary Share is contracted to be purchased, in each case such rate
                to be
                the rate as conclusively certified by an officer of HSBC Bank
                plc;

            

    

     

    
      	 	
              (d)

            	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2003;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

     

    
      	7	
              THAT
                the Directors be and are hereby
                empowered:

            

    

    

    
      	 	
              (a)

            	
              to
                exercise the power conferred upon them by Article 151 of the Articles
                of
                Association of the Company in respect of all or part of any dividend
                payable in respect of any financial period of the Company ending
                on or
                before 31 December 2006; 

            

    

    

    
      	 	
              (b)

            	
              to
                capitalise from time to time the appropriate nominal amount or amounts
                of
                new shares of the Company falling to be allotted pursuant to elections
                made under the Company’s scrip dividend scheme out of the amount or
                amounts standing to the credit of any reserve account or fund of
                the
                Company, to apply that sum in paying up in full the relevant number
                of
                such new shares and to allot such new shares pursuant to such elections;
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              generally
                to implement the Company’s scrip dividend scheme on such terms and
                conditions as the Directors may from time to time determine and to
                take
                such other actions as the Directors may deem necessary or desirable
                from
                time to time in respect of the Company’s scrip dividend scheme.
                

            

    

     

    
      	
              8

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                for
                the purposes of Part XA of the Companies Act 1985 (as amended) (“the Act”)
                to make donations to EU political organisations and to incur EU political
                expenditure (as such terms are defined in section 347A of the Act)
                up to a
                maximum aggregate amount of £250,000 provided that such authority shall
                expire at the conclusion of the next Annual General Meeting of the
                Company
                to be held after the passing of this
                resolution.

            

    

    

    
      	9	
              THAT
                HSBC Bank plc be and is hereby generally and unconditionally authorised
                for the purposes of Part XA of the Companies Act 1985 (as amended)
                (“the
                Act”) to make donations to EU political organisations and to incur EU
                political expenditure (as such terms are defined in section 347A
                of the
                Act) up to a maximum aggregate amount of £50,000 provided that such
                authority shall expire at the conclusion of the next Annual General
                Meeting of the Company to be held after the passing of this
                resolution.

            

    

     

    Sir
      John Bond

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
        

      

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    RESOLUTION

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      28
      March 2003

     

    
      
 

    At
      the
      Extraordinary General Meeting of HSBC Holdings plc held at Cabot Hall, Cabot
      Place West, Canary Wharf, London E14 on Friday, 28 March 2003, the following
      Resolution was passed:

    

    ORDINARY
      RESOLUTION

     

    THAT:

    

    
      	
              (a)

            	
              the
                acquisition by way of merger (the “Acquisition”) of Household
                International, Inc. (“Household”) on the terms and subject to the
                conditions of the agreement dated 14 November 2002 between (1) the
                Company, (2) Household and (3) H2 Acquisition Corporation (a copy
                of
                which, signed by the chairman of the Meeting for the purposes of
                identification, was produced to the Meeting) (the “Merger Agreement”)
                (including the arrangements to be put in place regarding: (i) the
                outstanding options to acquire common stock of Household granted
                by
                Household to any current or former employee or director of Household
                or
                any of its subsidiaries; (ii) any right of any kind, contingent or
                accrued, to receive common stock of Household; and (iii) any award
                of any
                kind consisting of common stock of Household granted under any Household
                benefit plan (including restricted stock, restricted stock units,
                deferred
                stock units and dividend equivalents) (together “Assumed Options”)), as
                described in the circular to shareholders of the Company of which
                this
                notice forms part, be and is hereby approved and the Directors (or
                a duly
                authorised committee thereof) be and are hereby authorised to take
                all
                such steps to implement the same and to execute all documents and
                deeds as
                may be necessary or appropriate in relation thereto, subject to such
                non-material modifications, amendments, waivers, variations or extensions
                of such terms and conditions as they think fit;
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              (b)

            	
              conditional
                upon and with effect from the Acquisition becoming effective pursuant
                to
                the Merger Agreement, the Directors be and they are hereby generally
                and
                unconditionally authorised pursuant to and for the purposes of section
                80
                of the Companies Act 1985 to exercise all the powers of the Company
                to
                allot relevant securities (within the meaning of that section) up
                to an
                aggregate nominal amount of US$702,863,189 (in the form of ordinary
                shares
                of US$0.50 each) in satisfaction of the Company’s obligations arising in
                relation to the Acquisition to issue ordinary shares, including shares
                to
                be issued as a result of the exercise of the Assumed Options and
                shares to
                be issued pursuant to the terms of the purchase contracts underlying
                the
                Household 8.875 per cent Adjustable Conversion-Rate Equity Security
                Units
                and shares to be issued pursuant to the Household zero-coupon convertible
                debt securities, such authority to be in addition to, and without
                prejudice to, that granted to the Directors at the annual general
                meeting
                of the Company held on 31 May 2002 (which shall remain in full force
                and
                effect until its expiry as stated therein), provided that this authority
                shall expire at the conclusion of the Company’s annual general meeting to
                be held in 2004, unless such authority is renewed, varied, or revoked
                by
                the Company in general meeting, save that the Company may at any
                time
                before such expiry make an offer or agreement which would or might
                require
                relevant securities to be allotted after such expiry and the Directors
                may
                allot relevant securities in pursuance of any such offer or agreement
                as
                if the authority hereby conferred had not
                expired.

            

    

     

    Sir
      John Bond

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
        

      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      30
      May 2003

     

    
      
 

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 30 May 2003, the following Resolutions were
      passed:

     

    ORDINARY
      RESOLUTIONS

     

    
      	
              4

            	
              THAT
                the Directors’ Remuneration Report for the year ended 31 December 2002 be
                and is hereby approved.

            

    

    

    
      	
              5

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 to exercise all the powers of the Company to allot relevant
                securities (within the meaning of that section) up to an aggregate
                nominal
                amount of £100,000, US$100,000 and €100,000 (in each such case in the form
                of 10,000,000 non-cumulative preference shares) and US$948,200,000
                (in the
                form of Ordinary Shares of US$0.50 each) provided that this authority
                shall be limited so that, otherwise than pursuant
                to:

            

    

    

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

    

    
      	 	
              (i)

            	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

    

    
      	 	
              (ii)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

    

    
      	 	
              (b)

            	
              the
                terms of any share plan for employees of the Company or any of its
                subsidiary undertakings and, conditional on completion of the proposed
                acquisition of Household International, Inc. (“Household”), any share plan
                of Household or any of its subsidiary undertakings;
                or

            

    

    

    
      	 	
              (c)

            	
              conditional
                on completion of the proposed acquisition of Household, the terms
                of
                Household’s outstanding Zero-Coupon Convertible Debt Securities or 8.875
                per cent Adjustable Conversion-Rate Equity Security Units;
                or

            

    

    

    
      	 	
              (d)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

    

    
      	 	
              (e)

            	
              the
                allotment of up to 10,000,000 non-cumulative preference shares of
£0.01
                each, 10,000,000 non-cumulative preference shares of US$0.01 each
                and
                10,000,000 non-cumulative preference shares of €0.01 each in the capital
                of the Company,

            

    

    

    
      	 	
              the
                nominal amount of relevant securities to be allotted by the Directors
                pursuant to this authority wholly for cash shall not in aggregate
                exceed
                US$237,050,000 (being equal to approximately 5 per cent of the nominal
                amount of Ordinary Shares of the Company in issue at the latest
                practicable date prior to the printing of the Notice of this Meeting),
                this authority shall be in addition to, and without prejudice to,
                any
                authority granted to the Directors at the Extraordinary General Meeting
                of
                the Company to approve the acquisition of Household (which shall
                remain in
                full force and effect until its expiry as stated therein) and this
                authority shall expire at the conclusion of the Annual General Meeting
                of
                the Company to be held in 2004 save that this authority shall allow
                the
                Company before the expiry of this authority to make offers or agreements
                which would or might require relevant securities to be allotted after
                such
                expiry and the Directors may allot relevant securities in pursuance
                of
                such offers or agreements as if the authority conferred hereby had
                not
                expired.

            

    

    

    SPECIAL
      RESOLUTION

    

    
      	
              6

            	
              THAT,
                subject to the passing of Resolution 5 set out in the Notice of this
                Meeting, the Directors be and they are hereby empowered pursuant
                to
                section 95 of the Companies Act 1985 (“the Act”) to allot equity
                securities (as defined by section 94 of the Act) pursuant to the
                authority
                conferred by Resolution 5 as if section 89(1) of the Act did not
                apply to
                any such allotment, provided that this power shall expire at the
                conclusion of the Annual General Meeting of the Company to be held
                in 2004
                save that this power shall enable the Company before the expiry of
                this
                power to make offers or agreements which would or might require equity
                securities to be allotted after such expiry and the Directors may
                allot
                equity securities in pursuance of such offers or agreements as if
                the
                power conferred hereby had not
                expired.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ORDINARY
      RESOLUTIONS

    

    
      	
              7

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                to
                make market purchases (within the meaning of section 163 of the Companies
                Act 1985) of Ordinary Shares of US$0.50 each in the capital of the
                Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

    

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                948,200,000 Ordinary Shares;

            

    

    

    
      	 	
              (b)

            	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

    

    
      	 	
              (c)

            	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of the London Stock Exchange plc) for the five dealing days
                immediately preceding the day on which the Ordinary Share is contracted
                to
                be purchased or (ii) 105 per cent of the average of the closing prices
                of
                Ordinary Shares on The Stock Exchange of Hong Kong Limited for the
                five
                dealing days immediately preceding the day on which the Ordinary
                Share is
                contracted to be purchased, in each case converted (where relevant)
                into
                the relevant currency in which the purchase is effected calculated
                by
                reference to the spot rate of exchange for the purchase of such currency
                with the currency in which the quotation and/or price is given as
                quoted
                by HSBC Bank plc in the London Foreign Exchange Market at or about
                11.00
                am (London time) on the business day prior to the date on which the
                Ordinary Share is contracted to be purchased, in each case such rate
                to be
                the rate as conclusively certified by an officer of HSBC Bank
                plc;

            

    

    

    
      	 	
              (d)

            	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2004;
                and

            

    

    

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              8

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                for
                the purposes of Part XA of the Companies Act 1985 (as amended) (“the Act”)
                to make donations to EU political organisations and to incur EU political
                expenditure (as such terms are defined in section 347A of the Act)
                up to a
                maximum aggregate amount of £250,000 provided that such authority shall
                expire either at the conclusion of the Annual General Meeting of
                the
                Company to be held in 2007 or on 29 May 2007, whichever is the earlier,
                unless previously renewed, varied or revoked by the Company in general
                meeting.

            

    

    

    
      	
              9

            	
              THAT
                HSBC Bank plc be and is hereby generally and unconditionally authorised
                for the purposes of Part XA of the Companies Act 1985 (as amended)
                (“the
                Act”) to make donations to EU political organisations and to incur EU
                political expenditure (as such terms are defined in section 347A
                of the
                Act) up to a maximum aggregate amount of £50,000 provided that such
                authority shall expire either at the conclusion of the Annual General
                Meeting of the Company to be held in 2007 or on 29 May 2007, whichever
                is
                the earlier, unless previously renewed, varied or revoked by the
                Company
                in general meeting. 

            

    

     

    Sir
      John Bond

      Chairman

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
 

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      28
      May 2004

     

    
      

    

    

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 28 May 2004, the following Resolutions were
      passed:

     

    ORDINARY
      RESOLUTIONS

     

    
      
        
          	4	
                  THAT
                    the Directors’ Remuneration Report for the year ended 31 December 2003 be
                    and is hereby approved.

                

        

      

    

    

    
      	5	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                to
                make market purchases (within the meaning of section 163 of the Companies
                Act 1985) of Ordinary Shares of US$0.50 each in the capital of the
                Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

    

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                1,099,900,000 Ordinary Shares;

            

    

    

    
      	
            	(b)	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(c)	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of the London Stock Exchange plc) for the five dealing days
                immediately preceding the day on which the Ordinary Share is contracted
                to
                be purchased or (ii) 105 per cent of the average of the closing prices
                of
                Ordinary Shares on The Stock Exchange of Hong Kong Limited for the
                five
                dealing days immediately preceding the day on which the Ordinary
                Share is
                contracted to be purchased, in each case converted (where relevant)
                into
                the relevant currency in which the purchase is effected calculated
                by
                reference to the spot rate of exchange for the purchase of such currency
                with the currency in which the quotation and/or price is given as
                quoted
                by HSBC Bank plc in the London Foreign Exchange Market at or about
                11.00
                am (London time) on the business day prior to the date on which the
                Ordinary Share is contracted to be purchased, in each case such rate
                to be
                the rate as conclusively certified by an officer of HSBC Bank
                plc;

            

    

    

    
      	
            	(d)	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2005;
                and

            

    

    

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

    

    Subject
      to the receipt of such regulatory approvals and consents in Hong Kong as the
      Directors may deem necessary, any shares acquired by the Company pursuant to
      this, or any subsequent, authority to make market purchases which are held
      in
      treasury may be sold or transferred in satisfaction of the exercise of options
      under, or otherwise pursuant to, any of the Company’s existing employee share
      schemes.

    

    
      	6	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 (“the Act”) to exercise all the powers of the Company to allot
                relevant securities (within the meaning of that section) up to an
                aggregate nominal amount of £100,000, US$100,000 and €100,000 (in each
                such case in the form of 10,000,000 non-cumulative preference shares)
                and
                US$1,099,900,000 (in the form of Ordinary Shares of US$0.50 each)
                provided
                that this authority shall be limited so that, otherwise than pursuant
                to:

            

    

    

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

    

    
      	
            	(i)	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(ii)	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

    

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

    

    
      	 	
              (b)

            	
              the
                terms of any share plan for employees of the Company or any of its
                subsidiary undertakings; or

            

    

    

    
      	
            	(c)	
              the
                terms of the Household International, Inc. outstanding Zero-Coupon
                Convertible Debt Securities or 8.875 per cent Adjustable Conversion-Rate
                Equity Security Units; or

            

    

    

    
      	
            	(d)	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

    

    
      	
            	(e)	
              the
                allotment of up to 10,000,000 non-cumulative preference shares of
£0.01
                each, 10,000,000 non-cumulative preference shares of US$0.01 each
                and
                10,000,000 non-cumulative preference shares of €0.01 each in the capital
                of the Company,

            

    

    

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority wholly for cash shall not in aggregate, together with any
      allotment of other equity securities authorised by sub-paragraph (b) of
      Resolution 7, exceed US$274,975,000 (being equal to approximately 5 per cent
      of
      the nominal amount of Ordinary Shares of the Company in issue at the latest
      practicable date prior to the printing of the Notice of this Meeting) and such
      authority shall expire at the conclusion of the Annual General Meeting of the
      Company to be held in 2005 save that this authority shall allow the Company
      before the expiry of this authority to make offers or agreements which would
      or
      might require relevant securities to be allotted after such expiry and the
      Directors may allot relevant securities in pursuance of such offers or
      agreements as if the authority conferred hereby had not expired.

    

    SPECIAL
      RESOLUTION

    

    
      	7	
              THAT
                the Directors be and are hereby empowered pursuant to section 95
                of the
                Companies Act 1985 (“the Act”):

            

    

    

    
      	 	
              (a)

            	
              subject
                to the passing of Resolution 6 set out in the Notice to this Meeting,
                to
                allot equity securities (as defined by section 94 of the Act) the
                subject
                of the authority granted by Resolution 6;
                and

            

    

    

    
      	
            	(b)	
              to
                allot any other equity securities (as defined by section 94 of the
                Act)
                which are held by the Company in
                treasury

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    as
      if
      section 89(1) of the Act did not apply to any such allotment, provided that
      this
      power shall expire at the conclusion of the Annual General Meeting of the
      Company to be held in 2005 save that this power shall enable the Company before
      the expiry of this power to make offers or agreements which would or might
      require equity securities to be allotted after such expiry and the Directors
      may
      allot equity securities in pursuance of such offers or agreements as if the
      power conferred hereby had not expired. 

    

    ORDINARY
      RESOLUTION

    

    
      	8	
              THAT
                pursuant to Article 104.1 of the Articles of Association of the Company
                with effect from 1 January 2004 each of the Directors (other than
                alternate Directors) shall be entitled to receive £55,000 per annum by way
                of fees for their services as
                Directors.

            

    

     

    Sir
      John Bond

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
        

      

    

    

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      27
      May 2005

     

    
      

    

     

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 27 May 2005, the following Resolutions were
      passed:

     

    ORDINARY
      RESOLUTIONS

    

    
      	
              4

            	
              THAT
                the Directors’ Remuneration Report for the year ended 31 December 2004 be
                and is hereby approved.

            

    

     

    
      	
              5

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 (“the Act”) to exercise all the powers of the Company to allot
                relevant securities (within the meaning of that section) up to an
                aggregate nominal amount of £100,000, US$100,000 and €100,000 (in each
                such case in the form of 10,000,000 non-cumulative preference shares)
                and
                US$1,119,000,000 (in the form of Ordinary Shares of US$0.50 each
                (“Ordinary Shares”)) provided that this authority shall be limited so
                that, otherwise than pursuant to:

            

    

     

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

     

    
      	 	
              (i)

            	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

     

    
      	 	
              (ii)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

     

    
      	 	
              (b)

            	
              the
                terms of any share plan for employees of the Company or any of its
                subsidiary undertakings; or

            

    

     

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

     

    
      	 	
              (d)

            	
              the
                terms of the HSBC Finance Corporation 8.875 per cent Adjustable
                Conversion-Rate Equity Security Units;
                or

            

    

     

    
      	 	
              (e)

            	
              the
                allotment of up to 10,000,000 non-cumulative preference shares of
£0.01
                each, 10,000,000 non-cumulative preference shares of US$0.01 each
                and
                10,000,000 non-cumulative preference shares of €0.01 each in the capital
                of the Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority wholly for cash shall not in aggregate, together with any
      allotment of other equity securities authorised by sub-paragraph (b) of
      Resolution 6 set out in the Notice convening this Meeting, exceed US$279,750,000
      (being equal to approximately 5 per cent of the nominal amount of Ordinary
      Shares of the Company in issue at the latest practicable date prior to the
      printing of the Notice of this Meeting) and such authority shall expire at
      the
      conclusion of the Annual General Meeting of the Company to be held in 2006
      save
      that this authority shall allow the Company before the expiry of this authority
      to make offers or agreements which would or might require relevant securities
      to
      be allotted after such expiry and the Directors may allot relevant securities
      in
      pursuance of such offers or agreements as if the authority conferred hereby
      had
      not expired.

     

    SPECIAL
      RESOLUTION

     

    
      	
              6

            	
              THAT
                the Directors be and are hereby empowered pursuant to section 95
                of the
                Companies Act 1985 (“the Act”):

            

    

     

    
      	 	
              (a)

            	
              subject
                to the passing of Resolution 5 set out in the Notice convening this
                Meeting, to allot equity securities (as defined by section 94 of
                the Act)
                the subject of the authority granted by Resolution 5;
                and

            

    

     

    
      	 	
              (b)

            	
              to
                allot any other equity securities (as defined by section 94 of the
                Act)
                which are held by the Company in
                treasury,

            

    

     

    in
      each
      case as if section 89(1) of the Act did not apply to any such allotment,
      provided that this power shall expire at the conclusion of the Annual General
      Meeting of the Company to be held in 2006 save that this power shall enable
      the
      Company before the expiry of this power to make offers or agreements which
      would
      or might require equity securities to be allotted after such expiry and the
      Directors may allot equity securities in pursuance of such offers or agreements
      as if the power conferred hereby had not expired. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ORDINARY
      RESOLUTIONS

     

    
      	
              7

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                to
                make market purchases (within the meaning of section 163 of the Companies
                Act 1985) of Ordinary Shares of US$0.50 each in the capital of the
                Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

     

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                1,119,000,000 Ordinary Shares;

            

    

     

    
      	 	
              (b)

            	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

     

    
      	 	
              (c)

            	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of the London Stock Exchange plc) for the five dealing days
                immediately preceding the day on which the Ordinary Share is contracted
                to
                be purchased or (ii) 105 per cent of the average of the closing prices
                of
                the Ordinary Shares on The Stock Exchange of Hong Kong Limited for
                the
                five dealing days immediately preceding the day on which the Ordinary
                Share is contracted to be purchased, in each case converted (where
                relevant) into the relevant currency in which the purchase is effected
                calculated by reference to the spot rate of exchange for the purchase
                of
                such currency with the currency in which the quotation and/or price
                is
                given as quoted by HSBC Bank plc in the London Foreign Exchange Market
                at
                or about 11.00 am (London time) on the business day prior to the
                date on
                which the Ordinary Share is contracted to be purchased, in each case
                such
                rate to be the rate as conclusively certified by an officer of HSBC
                Bank
                plc;

            

    

     

    
      	 	
              (d)

            	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2006;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

     

    Subject
      to the receipt of such regulatory approvals and consents in Hong Kong as the
      Directors may deem necessary, any Ordinary Shares acquired by the Company
      pursuant to this, or any subsequent, authority to make market purchases which
      are held in treasury may be sold or transferred in satisfaction of the exercise
      of options under, or otherwise pursuant to, any of the Company’s existing
      employee share schemes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              8

            	
              THAT
                the amended rules of the HSBC Holdings Savings-Related Share Option
                Plan
                (“Sharesave UK”) (the main features of which are summarised in Appendix II
                to the Chairman’s letter to Shareholders dated 31 March 2005 and a copy of
                which has been signed for the purposes of identification by the Chairman
                of the Meeting) including the deferral of the final date on which
                options
                may be granted under Sharesave UK to 27 May 2015 are hereby approved
                and
                that the Directors are hereby authorised to do whatever may be necessary
                or expedient to carry the amended Sharesave UK into effect including
                making such changes as may be necessary to secure the continuing
                approval
                of the Inland Revenue under Schedule 3 to the Income Tax (Earnings
                and
                Pensions) Act 2003.

            

    

     

    
      	
              9

            	
              THAT
                the amended rules of the HSBC Holdings Savings-Related Share Option
                Plan:
                International (“Sharesave International”) (the main features of which are
                summarised in Appendix II to the Chairman’s letter to Shareholders dated
                31 March 2005 and a copy of which has been signed for the purposes
                of
                identification by the Chairman of the Meeting) including the deferral
                of
                the final date on which options may be granted under Sharesave
                International to 27 May 2015 are hereby approved and that the Directors
                are hereby authorised to do whatever may be necessary or expedient
                to
                carry the amended Sharesave International into
                effect.

            

    

     

    
      	
              10

            	
              THAT,
                subject to the passing of Resolution 9 set out in the Notice convening
                this Meeting, the HSBC US Employee Stock Plan (“the US Sub-Plan”)
                (constituted by the amended rules of the HSBC Holdings Savings-Related
                Share Option Plan: International as modified by Schedule 2 thereof
                and the
                main features of which are summarised in Appendix II to the Chairman’s
                letter to Shareholders dated 31 March 2005 and a copy of which has
                been
                signed for the purposes of identification by the Chairman of the
                Meeting)
                is hereby approved and that the Directors are hereby authorised to
                do
                whatever may be necessary or expedient to carry the US Sub-Plan into
                effect including making such changes to the US Sub-Plan as may be
                necessary to ensure compliance with such statutory, fiscal or securities
                laws as may apply to the US Sub-Plan or any
                participant.

            

    

     

    
      	
              11

            	
              THAT
                The HSBC Share Plan (the main features of which are summarised in
                Appendix
                II to the Chairman’s letter to Shareholders dated 31 March 2005 and the
                draft rules of which have been signed for the purposes of identification
                by the Chairman of the Meeting) is hereby approved and that the Directors
                are hereby authorised to do whatever may be necessary or expedient
                to
                carry The HSBC Share Plan into effect including making such changes
                to
                Schedule 1 of The HSBC Share Plan as may be necessary to secure the
                approval of the Inland Revenue under Schedule 4 to the Income Tax
                (Earnings and Pensions) Act 2003, and creating such schedules to
                or
                sub-plans (which are, or may be deemed for relevant purposes to be,
                independent plans) of The HSBC Share Plan as they consider necessary
                or
                desirable for the benefit of non-United Kingdom resident employees
                of the
                Company or its subsidiaries, taking account of local tax, exchange
                control
                and securities laws in the relevant country or territory including
                to
                obtain and preserve favourable French treatment for share awards
                pursuant
                to the French Commercial Code (article L225-197-1 to L225-197-5 and
                any
                related articles) such awards being in respect of either newly issued
                or
                existing shares, with a vesting period of not less than two years
                and a
                prohibition on sale within two years of the vesting
                date.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SPECIAL
      RESOLUTION

     

    
      	
              12

            	
              THAT
                the Articles of Association of the Company be and are hereby altered
                as
                follows:

            

    

     

    (a) by
      deleting the words:

     

    “Regulations The
      Uncertificated Securities Regulations 1995 (SI 1995 No. 3272)” 

     

    from
      Article 2.1 and substituting therefor the words:

     

    “Regulations The
      Uncertificated Securities Regulations 2001 (SI 2001 No. 3755)”;

     

    (b) by
      inserting the following new Article as Article 5A.1(5)(b)(i)(D)(3):

     

    
      	
            	“(3)	
              “Series
                3”, 27 June 2013.”;

            

    

     

    
      	 	
              (c)

            	
              by
                deleting the existing Article 5B.1(5)(b)(i)(D) and substituting therefor
                the following new Article
                5B.1(5)(b)(i)(D):

            

    

     

    “(D) In
      relation to any Euro Preference Shares designated as:

     

    (1) “Series
      1”, 30 June 2012;

     

    (2) “Series
      2”, 24 March 2014;

     

    (3) “Series
      3”, 29 March 2016.”;

     

    
      	 	
              (d)

            	
              by
                deleting the words “, on a poll,” from Article 55.3(e) so that Article
                55.3(e) reads as follows:

            

    

     

    
      	 	
              “(e)

            	
              with
                reasonable prominence, that a member entitled to attend and vote
                is
                entitled to appoint one or more proxies to attend and vote instead
                of him
                and that a proxy need not also be a
                member.”;

            

    

     

    
      	
            	(e)	
              by
                inserting the following new Article as Article
                56A:

            

    

     

    “56A Postponement
      of General Meetings

     

    If
      the
      Board, in its absolute discretion, considers that it is impractical or
      unreasonable for any reason to hold a general meeting on the date or at the
      time
      or place specified in the notice calling the general meeting, it may postpone
      the general meeting to another date, time and/or place. The Board shall take
      reasonable steps to ensure that notice of the date, time and place of the
      postponed meeting is provided to any member trying to attend the meeting at
      the
      original time and place. When a meeting is so postponed, notice of the date,
      time and place of the postponed meeting shall be given in such manner as the
      Board may in its absolute discretion determine. Notice of the business to be
      transacted at such postponed meeting shall not be required. If a meeting is
      postponed in accordance with this Article, the appointment of a proxy will
      be
      valid if it is delivered and received as required by these Articles not less
      than 48 hours before the time appointed for holding the postponed meeting.
      The
      Board may (for the avoidance of doubt) also postpone any meeting which has
      been
      rearranged under this Article 56A.”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              by
                deleting the existing Article 57 and substituting therefor the following
                new Article  57:

            

    

     

    
      
        	
              	“57	
                Special
                  Business

              

      

    

     

    
      	 	
              57.1

            	
              All
                business that is transacted at a general meeting shall be deemed
                special,
                except the following transactions at an annual general
                meeting:

            

    

     

    
      	
            	(a)	
              the
                declaration of dividends;

            

    

     

    
      	 	
              (b)

            	
              the
                receipt and consideration of the annual accounts, the Directors’ Report,
                the Directors’ Remuneration Report, the Auditors’ report and any other
                documents required to be annexed to the annual
                accounts;

            

    

     

    
      	
            	(c)	
              the
                election or re-election of
                Directors;

            

    

     

    
      	 	
              (d)

            	
              the
                re-appointment of the Auditors retiring (unless they were last appointed
                otherwise than by the Company in general meeting) and the determination
                of
                the remuneration of the Auditors or of the manner in which such
                remuneration is to be determined.”;

            

    

     

    
      	 	
              (g)

            	
              by
                deleting the existing Article 61 and substituting therefor the following
                new Article 61:

            

    

     

    
      	
            	“61	
              Entitlement
                to attend and speak

            

    

     

    
      	 	
              61.1

            	
              A
                Director shall, notwithstanding that he is not a member, be entitled
                to
                attend and speak at any general meeting and at any separate meeting
                of the
                holders of any class of shares of the Company. Any proxy appointed
                by a
                member shall also be entitled to speak at any general meeting of
                the
                Company.”; 

            

    

     

    
      	 	
              (h)

            	
              by
                inserting the words “or by proxy” after the words “every member who is
                present in person” where they first appear in Article 71.1 so that Article
                71.1 reads as follows:

            

    

     

    
      	 	
              “71.1

            	
              Subject
                to the provisions of the Act and to any special terms as to voting
                on
                which any shares may have been issued or may for the time being be
                held
                and to any suspension or abrogation of voting rights pursuant to
                these
                Articles, at any general meeting every member who is present in person
                or
                by proxy shall on a show of hands have one vote and every member
                present
                in person or by proxy shall on a poll have one vote for every Ordinary
                Share of which he is the holder.”;

            

    

     

    
      	
            	(i)	
              by
                inserting the following new Article as Article 73A:
                

            

    

     

    
      	
            	
              “73A

            	
              Votes
                not counted where abstention
                required

            

    

    
      
         

        
          	 	
                  73A.1

                	
                  Where
                    any member is, under the rules governing the listing of securities
                    on any
                    stock exchange on which all or any shares of the Company are
                    for the time
                    being listed or traded, required to abstain from voting on any
                    particular
                    resolution or restricted to voting only for or only against any
                    particular
                    resolution, any votes cast by or on behalf of such member in
                    contravention
                    of such requirement or restriction shall, notwithstanding the
                    provision of
                    any other Article, not be
                    counted.”;

                

        

         

      

      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (j)

            	
              by
                deleting “, but shall not confer any further right to speak at the
                meeting, except with the permission of the Chairman of the meeting
                or as
                otherwise determined by the Board where the relevant shares are held
                by a
                Depositary” at the end of Article 75.1(b) and substituting therefor the
                words “and to speak at the meeting” so that Article 75.1(b) reads as
                follows:

            

    

     

    
      	 	
              “(b)

            	
              be
                deemed (subject to any contrary direction contained in the same)
                to confer
                authority to demand or join in demanding a poll and to vote on any
                resolution or amendment of a resolution put to the meeting for which
                it is
                given, as the proxy thinks fit and to speak at the meeting;
                and”;

            

    

     

    
      	
            	(k)	
              by
                inserting the following new Article as Article
                79A:

            

    

     

    
      	
            	“79A	
              Directors’
                powers to establish verification procedures in connection with
                proxies

            

    

     

    
      	
            	79A.1	
              From
                time to time the Directors may (consistently with the Act and these
                Articles) make such regulations and establish such procedures as
                they
                consider appropriate to receive and verify the appointment or revocation
                of a proxy. Any such regulations may be general or specific to a
                particular meeting. Without limitation, any regulations may include
                provisions that the Directors (or some person or persons appointed
                by
                them) may conclusively determine any matter or dispute
                relating:

            

    

     

    
      	 	
              (a)

            	
              to
                the appointment or revocation, or purported appointment or revocation,
                of
                a proxy; and/or

            

    

     

    
      	 	
              (b)

            	
              to
                any instruction contained or allegedly contained in any such appointment,
                and any such regulations may also include rebuttable or conclusive
                presumptions of any fact concerning those matters. The Directors
                may from
                time to time modify or revoke any such regulations as they think
                fit,
                provided that no subsisting valid appointment or revocation of a
                proxy or
                any voting instruction shall thereby be rendered
                invalid.”;

            

    

     

    
      	 	
              (l)

            	
              by
                deleting “(or, if such corporation is a Depositary acting in its capacity
                as such, persons)” from Article 80.1 and substituting therefor the words
                “or persons” so that the first sentence of Article 80.1 reads as
                follows:

            

    

     

    “A
      corporation (whether or not a company within the meaning of the Act) which
      is a
      member may, by resolution of its directors or other governing body, authorise
      such person or persons as it thinks fit to act as its representative (or, as
      the
      case may be, representatives) at any meeting of the Company or at any separate
      meeting of the holders of any class of shares.”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (m)

            	
              by
                deleting the words “not less than seven nor more than 42 clear days before
                the date appointed for the meeting” from Article 88.1(b) and substituting
                therefor the words “during the period commencing on the day after the
                despatch of the notice of the meeting and ending no later than seven
                clear
                days prior to the date of such meeting” so that Article 88.1 reads as
                follows:

            

    

     

    
      	 	
              “88.1

            	
              No
                person, other than a Director retiring (by rotation or otherwise),
                shall
                be appointed or re-appointed a Director at any general meeting
                unless:

            

    

     

    
      	
            	(a)	
              he
                is recommended by the Board; or

            

    

     

    
      	 	
              (b)

            	
              during
                the period commencing on the day after despatch of the notice of
                the
                meeting and ending no later than seven clear days prior to the date
                of
                such meeting, notice duly executed by a member (other than the person
                to
                be proposed) qualified to vote at the meeting has been given to the
                Company of the intention to propose that person for appointment or
                re-appointment, stating the particulars which would, if he were so
                appointed or re-appointed, be required to be included in the Company’s
                register of Directors, together with notice executed by that person
                of his
                willingness to be appointed or re-appointed, is lodged at the
                Office.”;

            

    

     

    
      	 	
              (n)

            	
              by
                deleting the existing Article 91.2 and substituting therefor the
                following
                new Article 91.2: 

            

    

     

    
      	 	
              “91.2

            	
              In
                addition to the Directors required to retire by rotation under Article
                91.1, there shall also be required to retire by rotation:
                

            

    

     

    
      	 	
              (a)

            	
              any
                Director who at an annual general meeting of the Company shall have
                been a
                Director at each of the preceding two annual general meetings of
                the
                Company and who was not elected or re-elected at either such annual
                general meeting and who has not otherwise ceased to be a Director
                (either
                by resignation, retirement, removal or otherwise) and been re-elected
                by
                general meeting of the Company at or since either such annual general
                meeting; and

            

    

     

    
      	 	
              (b)

            	
              any
                Director who has held office with the Company, other than employment
                or
                executive office, for a continuous period of nine years or more at
                the
                date of the annual general
                meeting.”;

            

    

     

    
      	 	
              (o)

            	
              by
                deleting the existing Article 112.1 and substituting therefor the
                following new Article 112.1: 

            

    

     

    
      	 	
              “112.1

            	
              The
                Board may delegate any of its powers, authorities and discretions
                (with
                power to sub-delegate) for such time on such terms and subject to
                such
                conditions as it thinks fit to any committee consisting of one or
                more
                Directors and (if thought fit) one or more other persons, provided
                that:

            

    

     

    
      	 	
              (a)

            	
              where
                any committee constituted by the Board pursuant to this Article 112.1
                consists of more than one member, not less than two members of such
                committee shall be Directors or alternate Directors;
                and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              no
                resolution of a committee shall be effective unless one of those
                present
                when it is passed is a Director (or his
                alternate).”;

            

    

     

    
      	 	
              (p)

            	
              by
                deleting the existing Article 132 and substituting therefor the following
                new Article 132: 

            

    

     

    
      	
            	“132	
              Interested
                Director not to vote or count for
                quorum

            

    

     

    
      	 	
              132.1

            	
              Save
                as provided in this Article, a Director shall not vote on, or be
                counted
                in the quorum in relation to, any resolution of the Board or of a
                committee of the Board concerning any contract, arrangement, transaction
                or any proposal whatsoever to which the Company is or is to be a
                party and
                in which he or any of his associates has a material interest otherwise
                than by virtue of his interest or the interests of his associate(s)
                in
                shares or debentures or other securities of or otherwise in or through
                the
                Company unless the resolution concerns any of the following
                matters:

            

    

     

    
      	 	
              (a)

            	
              the
                giving to him or his associate(s) of any guarantee, security or indemnity
                in respect of money lent or obligations incurred by him or any of
                them at
                the request of or for the benefit of the Company or any of its subsidiary
                undertakings;

            

    

     

    
      	 	
              (b)

            	
              the
                giving to a third party of any guarantee, security or indemnity in
                respect
                of a debt or obligation of the Company or any of its subsidiary
                undertakings for which he or his associate(s) has himself/themselves
                assumed responsibility in whole or in part, either alone or jointly
                with
                others, under a guarantee or indemnity or by the giving of
                security;

            

    

     

    
      	 	
              (c)

            	
              any
                proposal concerning an offer of shares or debentures or other securities
                of or by the Company or any of its subsidiary undertakings in which
                offer
                he or his associate(s) is/are or may be entitled to participate as
                a
                holder of securities or in the underwriting or sub-underwriting of
                which
                he is to participate;

            

    

     

    
      	 	
              (d)

            	
              any
                proposal concerning any other body corporate in which he (together
                with
                his associates) does not to his knowledge have an interest (as the
                term is
                used in Part VI of the Act) in five per cent. or more of the issued
                equity
                share capital of any class of such body corporate or of the voting
                rights
                available to members of such body
                corporate;

            

    

     

    
      	 	
              (e)

            	
              any
                proposal relating to an arrangement for the benefit of the employees
                of
                the Company or any of its subsidiary undertakings which does not
                award him
                any privilege or benefit not generally awarded to the employees to
                whom
                such arrangement relates; or

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              any
                proposal concerning insurance which the Company proposes to maintain
                or
                purchase for the benefit of the Directors or for the benefit of persons
                who include Directors.”;

            

    

     

    
      	 	
              (q)

            	
              by
                inserting the words “or the interests of his associate(s)” after the words
                “Director’s interest” in Article 134.1 so that Article 134.1 reads as
                follows:

            

    

     

    
      	 	
              “134.1

            	
              If
                any question arises at any meeting as to the materiality of a Director’s
                interest or the interests of his associate(s) (other than the Chairman’s
                interest) or as to the entitlement of any Director (other than the
                Chairman) to vote or be counted in a quorum, and such question is
                not
                resolved by his voluntarily agreeing to abstain from voting or being
                counted in the quorum, such question shall be referred to the Chairman
                of
                the meeting. The Chairman’s ruling in relation to the Director concerned
                shall be final and conclusive.”;

            

    

     

    
      	 	
              (r)

            	
              by
                inserting the words “or the interests of his associate(s)” after the words
                “Chairman’s interest” in Article 135.1 so that Article 135.1 reads as
                follows:

            

    

     

    
      	
            	“135.1	
              If
                any question arises at any meeting as to the materiality of the Chairman’s
                interest or the interests of his associate(s) or as to the entitlement
                of
                the Chairman to vote or be counted in a quorum, and such question
                is not
                resolved by his voluntarily agreeing to abstain from voting or being
                counted in the quorum, such question shall be decided by resolution
                of the
                Directors or committee members present at the meeting (excluding
                the
                Chairman), whose majority vote shall be final and conclusive.”;
                

            

    

     

    
      	
            	(s)	
              by
                deleting the word “and” at the end of Article 137.1(a);
                

            

    

     

    
      	
            	(t)	
              by
                deleting “.” at the end of Article 137.1(b) and substituting therefor “;
                and”;

            

    

     

    
      	
            	(u)	
              by
                inserting the following new Article as Article
                137.1(c):

            

    

     

    
      	
            	“(c)	
              an
                “associate” of a Director shall mean any person who is for the purposes of
                the Act connected (which word shall have the meaning given thereto
                by
                section 346 of the Act) with a Director and any person who is an
                associate
                of a Director within the meaning of rule 1.01 of the rules governing
                the
                listing of securities on The Hong Kong Stock Exchange.”;
                and

            

    

     

    
      	 	
              (v)

            	
              by
                deleting the existing Article 168 and substituting therefor the following
                new Article 168:

            

    

     

    
      	
            	“168	
              Right
                to indemnity

            

    

     

    
      	 	
              168.1

            	
              Subject
                to the provisions of the Act, but without prejudice to any indemnity
                to
                which he may be otherwise entitled, every Director, alternate Director,
                Secretary or other officer of the Company shall be entitled to be
                indemnified out of the assets of the Company against all costs, charges,
                losses, damages and liabilities incurred by him in the actual or
                purported
                execution and/or discharge of his duties or exercise of his powers
                and/or
                otherwise in relation to or in connection with his duties, powers
                or
                office, provided that this Article 168.1 shall be deemed not to provide
                for, or entitle any such person to, indemnification to the extent
                that it
                would cause this Article 168.1, or any element of it, to be treated
                as
                void under the Act.”.

            

    

     

    Sir
      John Bond

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
 

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      26
      May 2006

     

    
      
 

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 26 May 2006, the following Resolutions were
      passed:

     

    ORDINARY
      RESOLUTION

    

    
      	 	
              5

            	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 (“the Act”) to exercise all the powers of the Company to allot
                relevant securities (within the meaning of that section) up to an
                aggregate nominal amount of £100,000 and €100,000 (in each such case in
                the form of 10,000,000 non-cumulative preference shares), US$85,500
                (in
                the form of 8,550,000 non-cumulative preference shares) and
                US$1,137,200,000 (in the form of Ordinary Shares of US$0.50 each
                (“Ordinary Shares”)) provided that this authority shall be limited so
                that, otherwise than pursuant to:

            

    

     

    
      	 	
              (a)

            	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

     

    
      	 	
              (i)

            	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

     

    
      	 	
              (ii)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

    
       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      but
        subject to such exclusions or other arrangements as the Directors may deem
        necessary or expedient in relation to fractional entitlements or securities
        represented by depositary receipts or having regard to any restrictions,
        obligations or legal problems under the laws of or the requirements of any
        regulatory body or stock exchange in any territory or otherwise howsoever;
        or

       

    

    
      	 	
              (b)

            	
              the
                terms of any share plan for employees of the Company or any of its
                subsidiary undertakings; or

            

    

     

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

     

    
      	 	
              (d)

            	
              the
                allotment of up to 10,000,000 non-cumulative preference shares of
£0.01
                each, 8,550,000 non-cumulative preference shares of US$0.01 each
                and
                10,000,000 non-cumulative preference shares of €0.01 each in the capital
                of the Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority wholly for cash shall not in aggregate, together with any
      allotment of other equity securities authorised by sub-paragraph (b) of
      Resolution 6 set out in the Notice convening this Meeting, exceed US$284,300,000
      (being equal to approximately 5 per cent of the nominal amount of Ordinary
      Shares of the Company in issue at the latest practicable date prior to the
      printing of the Notice of this Meeting) and such authority shall expire at
      the
      conclusion of the Annual General Meeting of the Company to be held in 2007
      save
      that this authority shall allow the Company before the expiry of this authority
      to make offers or agreements which would or might require relevant securities
      to
      be allotted after such expiry and the Directors may allot relevant securities
      in
      pursuance of such offers or agreements as if the authority conferred hereby
      had
      not expired.

     

    SPECIAL
      RESOLUTION

     

    
      	 	
              6

            	
              THAT
                the Directors be and are hereby empowered pursuant to section 95
                of the
                Companies Act 1985 (“the Act”):

            

    

     

    
      	 	
              (a)

            	
              subject
                to the passing of Resolution 5 set out in the Notice convening this
                Meeting, to allot equity securities (as defined by section 94 of
                the Act)
                the subject of the authority granted by Resolution 5;
                and

            

    

     

    
      	 	
              (b)

            	
              to
                allot any other equity securities (as defined by section 94 of the
                Act)
                which are held by the Company in
                treasury,

            

    

     

    in
      each
      case as if section 89(1) of the Act did not apply to any such allotment,
      provided that this power shall expire at the conclusion of the Annual General
      Meeting of the Company to be held in 2007 save that this power shall enable
      the
      Company before the expiry of this power to make offers or agreements which
      would
      or might require equity securities to be allotted after such expiry and the
      Directors may allot equity securities in pursuance of such offers or agreements
      as if the power conferred hereby had not expired. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ORDINARY
      RESOLUTIONS

     

    
      	 	
              7

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                to
                make market purchases (within the meaning of section 163 of the Companies
                Act 1985) of Ordinary Shares of US$0.50 each in the capital of the
                Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

     

    
      	 	
              (a)

            	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                1,137,200,000 Ordinary Shares;

            

    

     

    
      	 	
              (b)

            	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

     

    
      	 	
              (c)

            	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of the London Stock Exchange plc) for the five dealing days
                immediately preceding the day on which the Ordinary Share is contracted
                to
                be purchased or (ii) 105 per cent of the average of the closing prices
                of
                the Ordinary Shares on The Stock Exchange of Hong Kong Limited for
                the
                five dealing days immediately preceding the day on which the Ordinary
                Share is contracted to be purchased, in each case converted (where
                relevant) into the relevant currency in which the purchase is effected
                calculated by reference to the spot rate of exchange for the purchase
                of
                such currency with the currency in which the quotation and/or price
                is
                given as quoted by HSBC Bank plc in the London Foreign Exchange Market
                at
                or about 11.00 am (London time) on the business day prior to the
                date on
                which the Ordinary Share is contracted to be purchased, in each case
                such
                rate to be the rate as conclusively certified by an officer of HSBC
                Bank
                plc;

            

    

     

    
      	 	
              (d)

            	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2007;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              8

            	
              THAT
                pursuant to Article 104.1 of the Articles of Association of the Company
                with effect from 1 January 2006 each non-executive Director (other
                than an
                alternate Director) shall be entitled to receive £65,000 per annum by way
                of fees for his or her services as a Director and no such fee shall
                be
                payable to any executive Director.

            

    

     

    Sir
      John Bond

     

    Chairman

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985 AND 1989

    

    
      
 

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    

    RESOLUTIONS

    

    of

    

    HSBC
      Holdings plc

    

    
      
 

    Passed
      25
      May 2007

     

    
      

    

    

    At
      the
      Annual General Meeting of HSBC Holdings plc held at the Barbican Hall, Barbican
      Centre, London EC2 on Friday, 25 May 2007, the following Resolutions were
      passed:

    

    ORDINARY
      RESOLUTION

    

    
      	5	
              THAT
                the Directors be and they are hereby generally and unconditionally
                authorised pursuant to and for the purposes of section 80 of the
                Companies
                Act 1985 (“the Act”) to exercise all the powers of the Company to allot
                relevant securities (within the meaning of that section) up to an
                aggregate nominal amount of £100,000 and $100,000 (in each such case in
                the form of 10,000,000 non-cumulative preference shares), US$85,500
                (in
                the form of 8,550,000 non-cumulative preference shares) and
                US$1,158,660,000 (in the form of Ordinary Shares of US$0.50 each
                (“Ordinary Shares”)) provided that this authority shall be limited so
                that, otherwise than pursuant to:

            

    

     

    
      	
            	(a)	
              a
                rights issue or other issue the subject of an offer or invitation,
                open
                for acceptance for a period fixed by the Directors,
                to:

            

    

     

    
      	
            	(i)	
              Ordinary
                Shareholders where the relevant securities respectively attributable
                to
                the interests of all Ordinary Shareholders are proportionate (or
                as nearly
                as may be) to the respective number of Ordinary Shares held by them;
                and

            

    

     

    
      	 	
              (ii)

            	
              holders
                of securities, bonds, debentures or warrants which, in accordance
                with the
                rights attaching thereto, are entitled to participate in such a rights
                issue or other issue,

            

    

     

    but
      subject to such exclusions or other arrangements as the Directors may deem
      necessary or expedient in relation to fractional entitlements or securities
      represented by depositary receipts or having regard to any restrictions,
      obligations or legal problems under the laws of or the requirements of any
      regulatory body or stock exchange in any territory or otherwise howsoever;
      or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(b)	
              the
                terms of any share plan for employees of the Company or any of its
                subsidiary undertakings; or

            

    

     

    
      	 	
              (c)

            	
              any
                scrip dividend scheme or similar arrangements implemented in accordance
                with the Articles of Association of the Company;
                or

            

    

     

    
      	
            	(d)	
              the
                allotment of up to 10,000,000 non-cumulative preference shares of
£0.01
                each, 10,000,000 non-cumulative preference shares of €0.01 each and
                8,550,000 non-cumulative preference shares of US$0.01 each in the
                capital
                of the Company,

            

    

     

    the
      nominal amount of relevant securities to be allotted by the Directors pursuant
      to this authority wholly for cash shall not in aggregate, together with any
      allotment of other equity securities authorised by sub-paragraph (b) of
      Resolution 6 set out in the Notice convening this Meeting, exceed US$289,665,000
      (being equal to approximately 5 per cent of the nominal amount of Ordinary
      Shares of the Company in issue at the latest practicable date prior to the
      printing of the Notice of this Meeting) and such authority shall expire at
      the
      conclusion of the Annual General Meeting of the Company to be held in 2008
      save
      that this authority shall allow the Company before the expiry of this authority
      to make offers or agreements which would or might require relevant securities
      to
      be allotted after such expiry and the Directors may allot relevant securities
      in
      pursuance of such offers or agreements as if the authority conferred hereby
      had
      not expired.

     

    SPECIAL
      RESOLUTION

     

    
      	6	
              THAT
                the Directors be and are hereby empowered pursuant to section 95
                of the
                Companies Act 1985 (“the Act”):

            

    

     

    
      	
            	(a)	
              subject
                to the passing of Resolution 5 set out in the Notice convening this
                Meeting, to allot equity securities (as defined by section 94 of
                the Act)
                the subject of the authority granted by Resolution 5;
                and

            

    

     

    
      	
            	(b)	
              to
                allot any other equity securities (as defined by section 94 of the
                Act)
                which are held by the Company in
                treasury,

            

    

     

    in
      each
      case as if section 89(1) of the Act did not apply to any such allotment,
      provided that this power shall expire at the conclusion of the Annual General
      Meeting of the Company to be held in 2008 save that this power shall enable
      the
      Company before the expiry of this power to make offers or agreements which
      would
      or might require equity securities to be allotted after such expiry and the
      Directors may allot equity securities in pursuance of such offers or agreements
      as if the power conferred hereby had not expired. 

     

    ORDINARY
      RESOLUTIONS

     

    
      	
              7

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                to
                make market purchases (within the meaning of section 163 of the Companies
                Act 1985) of Ordinary Shares of US$0.50 each in the capital of the
                Company
                (“Ordinary Shares”) and the Directors are authorised to exercise such
                authority provided that:

            

    

     

    
      	
            	(a)	
              the
                maximum number of Ordinary Shares hereby authorised to be purchased
                is
                1,158,660,000 Ordinary Shares;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(b)	
              the
                minimum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is US$0.50 (or the equivalent in the relevant currency in which
                the
                purchase is effected calculated by reference to the spot rate of
                exchange
                for the purchase of United States dollars with such other currency
                as
                quoted by HSBC Bank plc in the London Foreign Exchange Market at
                or about
                11.00 am (London time) on the business day (being a day on which
                banks are
                ordinarily open for the transaction of normal banking business in
                London)
                prior to the date on which the Ordinary Share is contracted to be
                purchased, in each case such rate to be the rate as conclusively
                certified
                by an officer of HSBC Bank plc);

            

    

     

    
      	
            	(c)	
              the
                maximum price (exclusive of expenses) which may be paid for each
                Ordinary
                Share is the lower of (i) 105 per cent of the average of the middle
                market
                quotations for the Ordinary Shares (as derived from the Daily Official
                List of London Stock Exchange plc) for the five dealing days immediately
                preceding the day on which the Ordinary Share is contracted to be
                purchased or (ii) 105 per cent of the average of the closing prices
                of the
                Ordinary Shares on The Stock Exchange of Hong Kong Limited for the
                five
                dealing days immediately preceding the day on which the Ordinary
                Share is
                contracted to be purchased, in each case converted (where relevant)
                into
                the relevant currency in which the purchase is effected calculated
                by
                reference to the spot rate of exchange for the purchase of such currency
                with the currency in which the quotation and/or price is given as
                quoted
                by HSBC Bank plc in the London Foreign Exchange Market at or about
                11.00
                am (London time) on the business day prior to the date on which the
                Ordinary Share is contracted to be purchased, in each case such rate
                to be
                the rate as conclusively certified by an officer of HSBC Bank
                plc;

            

    

     

    
      	
            	(d)	
              unless
                previously revoked or varied this authority shall expire at the conclusion
                of the Annual General Meeting of the Company to be held in 2008;
                and

            

    

     

    
      	
            	(e)	
              the
                Company may prior to the expiry of this authority make a contract
                to
                purchase Ordinary Shares under this authority which will or may be
                executed wholly or partly after such expiry and may make a purchase
                of
                Ordinary Shares pursuant to any such
                contract.

            

    

     

    
      	
              8

            	
              THAT
                the Directors be and are hereby empowered:

            

    

     

    
      	
            	(a)	
              to
                exercise the power conferred upon them by Article 151 of the Articles
                of
                Association of the Company (as from time to time varied) so that,
                to the
                extent and in the manner determined by the Directors, the holders
                of
                Ordinary Shares of US$0.50 each in the Company (“Ordinary Shares”) be
                permitted to elect to receive new Ordinary Shares, credited as fully
                paid
                instead of all or part of any dividend (including interim dividends)
                payable up to the conclusion of the Annual General Meeting in 2012;
                

            

    

     

    
      	
            	(b)	
              to
                capitalise from time to time the appropriate nominal amount or amounts
                of
                new shares of the Company falling to be allotted pursuant to elections
                made under the Company’s scrip dividend scheme out of the amount or
                amounts standing to the credit of any reserve account or fund of
                the
                Company, as the Directors may determine, to apply that sum in paying
                up in
                full the relevant number of such new shares and to allot such new
                shares
                pursuant to such elections; and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(c)	
              generally
                to implement the Company’s scrip dividend scheme on such terms and
                conditions as the Directors may from time to time determine and to
                take
                such other actions as the Directors may deem necessary or desirable
                from
                time to time in respect of the Company’s scrip dividend
                scheme.

            

    

     

    
      	
              9

            	
              THAT
                the Company be and is hereby generally and unconditionally authorised
                for
                the purposes of Part XA of the Companies Act 1985 (as amended) (“the Act”)
                to make donations to EU political organisations and to incur EU political
                expenditure (as such terms are defined in section 347A of the Act)
                up to a
                maximum aggregate amount of £250,000 provided that such authority shall
                expire on the earlier of the conclusion of the Annual General Meeting
                of
                the Company to be held in 2008 and the date on which the last of
                sections
                239 and 362 to 379 (inclusive) of the Companies Act 2006 come into
                force.

            

    

     

    
      	
              10

            	
              THAT
                HSBC Bank plc be and is hereby generally and unconditionally authorised
                for the purposes of Part XA of the Companies Act 1985 (as amended)
                (“the
                Act”) to make donations to EU political organisations and to incur EU
                political expenditure (as such terms are defined in section 347A
                of the
                Act) up to a maximum aggregate amount of £50,000 provided that such
                authority shall expire on the earlier of the conclusion of the Annual
                General Meeting of the Company to be held in 2008 and the date on
                which
                the last of sections 239 and 362 to 379 (inclusive) of the Companies
                Act
                2006 come into force.

            

    

     

    
      	
              11

            	
              THAT
                the Company be authorised, subject to and in accordance with the
                provisions of the Companies Act 2006 and the Articles of Association
                of
                the Company (as from time to time varied), to send, convey or supply
                all
                types of notices, documents or information to the members by means
                of
                electronic equipment for the processing (including by means of digital
                compression), storage and transmission of data, using wires, radio
                optical
                technologies, or any other electromagnetic means, including by making
                such
                notices, documents or information available on a
                website.

            

    

     

    SPECIAL
      RESOLUTION

     

    
      	
              12

            	
              THAT
                the Articles of Association of the Company be and are hereby altered
                as
                follows:

            

    

     

    
      	
            	(a)	
              by
                inserting into Article 2.1 the following
                words:

            

    

     

    
      
        	 	
                “2006
                  Act

              	
                subject
                  to paragraph 2.3 of this Article, the Companies Act
                  2006”;

              

      

    

     

    
      	
            	(b)	
              by
                deleting from Article 2.1 the following
                words:

            

    

    

      
        	 	
                “communication

              	
                has
                  the meaning given to it in the Electronic Communications Act
                  2000”;

              

      

    

     

    
      	
            	(c)	
              by
                deleting from Article 2.1 the following
                words:

            

    

    

      
        	 	
                “electronic
                  communication 

              	
                has
                  the meaning given to it in the Electronic Communications Act 2000
                  and
                  “electronic communications” shall be construed
                  accordingly”,

              

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    and
      substituting therefor the words:

    

      
        	 	
                “electronic
                  form

              	
                has
                  the meaning given in section 1168 of the 2006 Act, and shall include
                  provision of any information or document on a website, and references
                  to
                  “electronic copy”, “electronic communication” and “electronic means” shall
                  be construed accordingly”;

              

      

    

     

    
      	
            	(d)	
              by
                inserting into Article 2.1 the following
                words:

            

    

    

      
        	 	
                “hard
                  copy

              	
                any
                  document sent or supplied in a paper copy or similar form capable
                  of being
                  read by the recipient”;

              

      

    

     

    
      	 	
              (e)

            	
              by
                inserting into Article 2.4 the words “or the 2006 Act, as appropriate” so
                that Article 2.4 reads as follows:

            

    

     

    “Save
      as
      aforesaid, and unless the context otherwise requires, words or expressions
      contained in these Articles shall bear the same meaning as in the Act or the
      2006 Act, as appropriate.”;

     

    
      	 	
              (f)

            	
              by
                inserting into Article 79A.1 the words “, the 2006 Act” so that the
                introductory words of Article 79A.1 begin as
                follows:

            

    

     

    “From
      time to time the Directors may (consistently with the Act, the 2006 Act and
      these Articles) make such regulations and establish such procedures as they
      consider appropriate to receive and verify the appointment or revocation of
      a
      proxy. Any such regulations may be general or specific to a particular
      meeting.”;

     

    
      	 	
              (g)

            	
              by
                deleting from Article 81.1, 81.3, 81.4(a), 81.5 and 81.6 the words
                “section 212 of the Act” and substituting therefor the words “section 793
                of the 2006 Act”,

            

    

     

    by
      deleting from Article 81.4(b) the words “section 212 of the Act” and
      substituting therefor the words “sections 820 to 825 of the 2006
      Act”,

     

    by
      deleting from Article 81.4(e)(i) the words “section 428 of the Act” and
      substituting therefor the words “section 974 of the 2006 Act”,

     

    by
      deleting from Article 81.4(e)(ii) the words “section 207 of the Financial
      Services Act 1986” and substituting therefor the words “section 285 of the
      Financial Services and Markets Act 2000”, and

     

    by
      deleting from Article 81.7 the words “section 216 of the Act” and substituting
      therefor the words “section 794 of the 2006 Act”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	(h)	
              by
                deleting Article 95;

            

    

     

    
      	 	
              (i)

            	
              by
                deleting from Article 132.1(d) the words “Part VI of the Act” and
                substituting therefor the words “Part 22 of the 2006
                Act”;

            

    

     

    
      	 	
              (j)

            	
              by
                deleting the existing Article 159 and substituting therefor the following
                new Article 159:

            

    

     

    
      	 	
              “159

            	
              Form
                of Notices

            

    

     

    
      	 	
              159.1

            	
              Notwithstanding
                anything to the contrary in these Articles, any notice, document
                or
                information to be given, sent, issued, deposited, served or delivered
                (or
                the equivalent) to or by any person pursuant to these Articles (other
                than
                a notice calling a meeting of the Directors) shall be in writing
                and, if
                the Board in its absolute discretion considers appropriate for any
                purpose
                or purposes under these Articles, any such notice, document or information
                shall be deemed given, sent, issued, deposited, served or delivered
                (or
                the equivalent) where it is sent in electronic form to an address
                for the
                time being notified for that purpose to the person giving such notice,
                document or information, but subject always to the provisions of
                Article
                162. In the case of notices or other documents or information sent
                in
                electronic form the Board may make this subject to such terms and
                conditions as it shall in its absolute discretion consider appropriate,
                subject to and in accordance with the provisions of the 2006 Act.
                Nothing
                in these Articles shall affect any requirement of the Act and the
                2006 Act
                that any particular offer, notice or other document or information
                be
                served in any particular manner.

            

    

     

    
      	 	
              159.2

            	
              For
                the purposes of these Articles, notices, documents or information
                may be
                sent in electronic form by the Company to a person where (i) such
                person
                has agreed (generally or specifically) that the notice, document
                or
                information may be sent or supplied in that form (and has not revoked
                that
                agreement), including on a website (ii) the notice, document or
                information (as the case may be) is a notice, document or information
                to
                which that agreement applies and (iii) in the case of a notice, document
                or information being made available on a website, a notice is sent
                to the
                person, in a manner for the time being agreed for that purpose between
                that person and the Company notifying such person, of (a) the publication
                of that notice, document or information on the website (b) the address
                of
                the website and (c) the place on that website where the notice, document
                or information may be accessed, and how it may be accessed, and in
                any
                such case the notification referred to in this Article 159.2 shall
                be
                treated as the relevant notice for the purposes of these
                Articles.

            

    

     

    
      	 	
              159.3

            	
              Subject
                to the 2006 Act, any notice, document or information is validly sent
                or
                supplied by the Company if it is made available on a
                website.

            

    

     

    
      	 	
              159.4

            	
              Subject
                to the members having resolved that the Company may send or supply
                notices, documents or information to members by making them available
                on a
                website, where the Company requests the agreement of a person to
                receive
                specified notices, documents or information by means of a website
                and the
                Company does not receive a response within the period of 28 days
                (or such
                shorter period as may be required by statute) from the date the Company’s
                request was sent, such person shall be deemed to have agreed to receive
                such notices, documents or information by the means specified in
                the
                request.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              159.5

            	
              The
                Company shall, at the request of a member, also provide such member,
                within 21 days of the receipt by the Company of the request, with
                a hard
                copy of any document sent in electronic form in accordance with these
                Articles.

            

    

     

    
      	 	
              159.6

            	
              Any
                amendment or revocation of a notification given to the Company under
                this
                Article 159 shall only take effect if it is delivered to the Company
                in
                writing, signed by the member and on actual receipt by the Company
                thereof.”; 

            

    

     

    
      	
            	(k)	
              by
                inserting the following new Article
                159A:

            

    

     

    
      	
            	“159A	
              Authentication

            

    

     

    
      	
            	159A.1	
              For
                the purposes of these Articles, the Company shall treat any document
                received by it as sufficiently authenticated if:
                

            

    

     

    (a) where
      the
      document is sent in hard copy form, it is signed by the person who sent it;
      or

     

    (b) where
      the
      document is sent in electronic form, it has been authenticated in such manner
      as
      the Board may, in its absolute discretion, from time to time, determine,

     

    provided
      that, where a document is sent or supplied to the Company by a person on behalf
      of another, the Board may, in its absolute discretion, request that the sender
      also provide such reasonable evidence of their authority to act on such other’s
      behalf as the Board may specify before the document may be treated as
      sufficiently authenticated.”; 

     

    
      	
            	(l)	
              by
                inserting the following new Article
                162.4:

            

    

     

    
      	
            	“162.4	
              Any
                notice, document or other information sent or supplied to a member
                by
                means of the Company’s website, in accordance with Article 159, shall be
                deemed to have been received by the intended recipient when the material
                was first made available on the website or, if later, at the time
                the
                intended recipient received (or is deemed to have received) notice
                of the
                fact the material was available on the Company’s website.”;
                and

            

    

     

    
      	
            	(m)	
              by
                deleting from Article 163.1 the words “section 212 of the Act” and
                substituting therefor the words “section 793 of the 2006
                Act”.

            

    

     

    Stephen
      Green

    Chairman

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    No.
      617987

    

    THE
      COMPANIES ACT 1948

    

    and

    

    THE
      COMPANIES ACTS 1985, 1989 AND 2006

    

    PUBLIC
      COMPANY LIMITED BY SHARES

     

    
      
        

      

    MEMORANDUM
      OF ASSOCIATION

    (As
      altered by Special Resolutions passed on 20 July 1981, 18 December 1990, 25
      March 1991, and 28 May 1999, which came into effect on 2 July
      1999)

    

    OF

    

    HSBC
      Holdings plc

     

    
      
 

    
      	11	
              The
                name of the Company is "HSBC Holdings
                plc".

            

    

    

    
      	22	
              The
                Company is to be a public company.

            

    

    

    
      	
              3
                

            	
              The
                Registered Office of the Company will be situate in
                England.

            

    

    

    
      	
              4
                

            	
              The
                objects for which the Company is established are:—

            

    

    

    
      	
            	4.13	
              To
                act as the holding and co-ordinating company of the group of companies
                of
                which the Company is for the time being the holding company and in
                particular (but without prejudice to the generality of the foregoing)
                to
                co-ordinate the administration, policies, management, supervision,
                control, research, planning, business operations and any and all
                other
                activities of any company or companies or group of companies any
                securities of which are held, directly or indirectly, by or on behalf
                of
                the Company or which is or are associated in any other manner with
                the
                Company, to enter into any arrangements with, or in relation to,
                any such
                company or group for sharing profits or losses, union of interests,
                joint
                venture, reciprocal concessions or co-operation, the provision of
                finance
                and subsidies or otherwise as may be thought expedient, to act as
                managers, controllers, administrators, advisers and consultants of
                or to
                any such company or group or all or any part of its business operations,
                and generally to perform any services or undertake any duties to
                or on
                behalf of or in any other manner assist any such company or group
                as
                aforesaid in any such case with or without remuneration in any part
                of the
                world.

            

    

     

      
        

      

    

    
      	1	
              The
                original name was "Vernat Trading Co. Limited" which name was changed
                on
                10 February 1959 to "Vernat Eastern Agencies Limited", on 13 August
                1981
                to "Silom Limited" and on 12 December 1990 to "HSBC Holdings Limited".
                The
                Company was converted into a public company limited by shares on
                24
                December 1990.

            

    

     

    
      	2	
              As
                altered by Special Resolution passed on 18 December
                1990.

            

    

     

    
      	3	
              As
                altered by Special Resolution passed on 25 March
                1991.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    
      	
              4.2

            	
              To
                carry on in any part of the world the business of banking of all
                kinds and
                to transact and do all matters and things incidental thereto, or
                which may
                at any time hereafter, at any place where the Company shall carry
                on
                business, be usually carried on as part of or in connection with,
                or which
                may conduce to or be calculated to facilitate or render profitable
                the
                transaction of, the business of banking or dealing in money or securities
                of any kind; and, in particular, and without prejudice to such
                generality:—

            

    

    

    
      	 	
              (i)

            	
              To
                receive money on loan, deposit, current account or otherwise, with
                or
                without security, to obtain the use and control of money and securities,
                and to employ and use the same.

            

    

    

    
      	 	
              (ii)

            	
              To
                advance or lend money with or without
                security.

            

    

    

    
      	 	
              (iii)

            	
              To
                draw, make, accept, endorse, grant, discount, acquire, buy, sell,
                issue,
                negotiate, transfer, hold, invest, or deal in and honour, retire,
                pay or
                secure obligations, instruments (whether negotiable or not) and securities
                of every kind.

            

    

    

    
      	 	
              (iv)

            	
              To
                grant, issue, negotiate, honour, retire and pay letters of credit,
                circular notes, drafts and other instruments and securities of every
                kind.

            

    

    

    
      	 	
              (v)

            	
              To
                buy, sell and deal in foreign exchange, precious metals, bullion
                and
                specie.

            

    

    

    
      	 	
              (vi)

            	
              To
                contract for public and private loans and to negotiate and issue
                the
                same.

            

    

    

    
      	 	
              (vii)

            	
              To
                receive money, securities, documents and valuables on deposit or
                for safe
                custody or otherwise.

            

    

    

    
      	 	
              (viii)

            	
              To
                collect and transmit money and securities and to act as agent for
                the
                receipt of money or of documents and for the delivery of
                documents.

            

    

    

    
      	 	
              (ix)

            	
              To
                guarantee or otherwise accept responsibility for the genuineness
                and
                validity of obligations, instruments, deeds and documents of all
                kinds.

            

    

    

    
      	 	
              (x)

            	
              To
                guarantee or otherwise become responsible for the performance of
                obligations or contracts of every kind by any company or
                person.

            

    

    

    
      	 	
              (xi)

            	
              To
                promote, effect, insure, guarantee, underwrite, secure the subscription
                or
                placing of, subscribe or tender for or procure the subscription of,
                participate in, manage or carry out any issue, public or private,
                of
                state, municipal or other loans, or of shares, stocks, debentures,
                or
                debenture stock of any company and to lend money for the purposes
                of any
                such issue.

            

    

    

    
      	 	
              (xii)

            	
              To
                receive security for the implementation of any
                obligations.

            

    

    

    
      	 	
              (xiii)

            	
              To
                grant indemnities against loss and risks of all
                kinds.

            

    

    

    
      	 	
              (c)

            	
              To
                carry on financial business and financial operations of all kind,
                and in
                particular and without prejudice to the generality of the foregoing
                to
                finance or assist in the financing of the sale of goods, articles
                or
                commodities of all and every kind whether by way of personal loan,
                hire
                purchase, instalment finance, deferred payment or otherwise, to acquire
                by
                assignment or otherwise, debts due and owing to any person or company
                and
                to collect such debts and to constitute and to act as managers of
                unit
                trusts and investment trusts and to issue and transact business in
                respect
                of all types of bankers' payment systems and to carry on all kinds
                of
                insurance business and generally to act as insurance brokers or in
                any
                other capacity, and to import, export, buy, sell, barter, exchange,
                let on
                hire, pledge, make advances upon or otherwise deal in any property
                whether
                tangible or intangible.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              To
                undertake the office of trustee, custodian trustee, administrator,
                receiver, treasurer, registrar or secretary and to undertake and
                execute
                trusts of all kinds and in particular to act as trustee of any deeds
                constituting or securing any debentures, debenture stock or other
                securities or obligations.

            

    

    

    
      	
              4.3

            	
              To
                purchase, take on lease or in exchange, hire or otherwise acquire
                and
                hold, for any estate or interest, and manage any lands, buildings,
                servitude, easements, rights, privileges, concessions, machinery,
                plant,
                stock-in-trade and any heritable or moveable real or personal property
                of
                any kind.

            

    

    

    
      	
              4.4

            	
              To
                purchase or otherwise acquire any patents, brevets d'invention, licences,
                concessions, copyrights, trade marks, designs and the like, conferring
                any
                exclusive or non-exclusive or limited right to use, or any secret
                or other
                information as to any invention, process or development which may
                seem to
                the Company capable of being used for any of the purposes of the
                Company,
                or the acquisition of which may seem calculated directly or indirectly
                to
                benefit the Company, to use, exercise, develop, grant licences in
                respect
                of or otherwise turn to account any of the same and with a view to
                the
                working and development of the same to carry on any business whatsoever,
                whether manufacturing or otherwise, which the Company may think calculated
                directly or indirectly to achieve these
                objects.

            

    

    

    
      	
              4.5

            	
              To
                form, promote, subsidise and assist companies, syndicates or other
                bodies
                of all kinds and to issue on commission or otherwise underwrite,
                subscribe
                for and take or guarantee the payment of any dividend or interest
                on any
                shares, stocks, debentures or other capital or securities or obligations
                of any such companies, syndicates or other bodies, and to pay or
                provide
                for brokerage commission and underwriting in respect of any such
                issue.

            

    

    

    
      	
              4.6

            	
              To
                enter into partnerships or into any arrangement for sharing profits,
                union
                of interests, co-operation, reciprocal concessions or otherwise with
                any
                person or company for the purpose of carrying on business within
                any of
                the objects of the Company.

            

    

    

    
      	
              4.7

            	
              To
                carry on any other business which may seem to the Company capable
                of being
                conveniently carried on in connection with the above or calculated
                directly or indirectly to enhance the value of or render profitable
                any of
                the Company's property or rights.

            

    

    

    
      	
              4.8

            	
              To
                purchase or otherwise acquire and undertake all or any part of the
                business, property, liabilities and transactions of any person or
                company
                carrying on any business which this Company is authorised to carry
                on, or
                possessed of property suitable for any of the purposes of the
                Company.

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    
      	
              4.9

            	
              To
                develop, work, improve, manage, lease, mortgage, charge, pledge,
                turn to
                account or otherwise deal with all or any part of the property of
                the
                Company; to surrender or accept surrender of any lease or tenancy
                or
                rights; and to sell the property, business or undertaking of the
                Company,
                or any part thereof, for such consideration as the Company may think
                fit,
                and in particular for cash or shares, debentures or securities of
                any
                other company.

            

    

    

    
      	
              4.10

            	
              To
                construct, erect, maintain, alter, replace or remove any buildings,
                works,
                offices, erections, plant, machinery, tools, or equipment as may
                seem
                desirable for any of the businesses or in the interests of the Company;
                and to manufacture, buy, sell and generally deal in any plant, tools,
                machinery, goods or things of any description which may be conveniently
                dealt with in connection with any of the Company's
                objects.

            

    

    

    
      	
              4.11

            	
              To
                manage and conduct the affairs of any companies, firms and persons
                carrying on business of any kind whatsoever, and in any part of the
                world.

            

    

    

    
      	
              4.12

            	
              To
                enter into, carry on and participate in financial transactions and
                operations of all kinds; and to take any steps which may be considered
                expedient for carrying into effect such transactions and operations
                including, without prejudice to the generality of the foregoing,
                borrowing
                and lending money and entering into contracts and arrangements of
                all
                kinds.

            

    

    

    
      	
              4.13

            	
              To
                borrow or raise money in such manner as the Company shall think fit
                and in
                particular by the issue (whether at par or at a premium or discount
                and
                for such consideration as the Company may think fit) of bonds, debentures
                or debenture stock (payable to bearer or otherwise), mortgages or
                charges,
                perpetual or otherwise, and, if the Company thinks fit, charged upon
                all
                or any of the Company's property (both present and future) and undertaking
                including its uncalled capital and further, if so thought fit, convertible
                into any stock or shares of the Company or any other company, and
                collaterally or further to secure any obligations of the Company
                by a
                trust deed or other assurance.

            

    

    

    
      	
              4.14

            	
              To
                guarantee or otherwise support or secure, either with or without
                the
                Company receiving any consideration or advantage and whether by personal
                covenant or by mortgaging or charging all or part of the undertaking,
                property, assets and rights present and future and uncalled capital
                of the
                Company or by both such methods or by any other means whatsoever,
                the
                liabilities and obligations of and the payment of any moneys whatsoever
                (including but not limited to capital, principal, premiums, interest,
                dividends, costs and expenses on any stocks, shares or securities)
                by any
                person, firm or company whatsoever including but not limited to any
                company which is for the time being the holding company or a subsidiary
                (both as defined by section 736 of the Companies Act 1985) of the
                Company
                or of the Company's holding company or is controlled by the same
                person or
                persons as control the Company or is otherwise associated with the
                Company
                in its business.

            

    

    

    
      	
              4.15

            	
              To
                grant indemnities of every description and to undertake obligations
                of
                every description.

            

    

    

    
      	
              4.16

            	
              To
                make, draw, accept, endorse and negotiate bills of exchange or other
                negotiable instruments and to receive money on deposit or
                loan.

            

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    
      	
              4.17

            	
              To
                pay all or any expenses incurred in connection with the formation
                and
                promotion and incorporation of the Company and to pay commission
                to and
                remunerate any person or company for services rendered in underwriting
                or
                placing, or assisting to underwrite or place, any of the shares in
                the
                Company's capital or any debentures or other securities of the Company,
                or
                in or about the formation or promotion of the Company or the conduct
                of
                its business.

            

    

    

    
      	
              4.18

            	
              To
                pay for any property or rights acquired by the Company either in
                cash or
                fully or partly paid-up shares with or without preferred or deferred
                rights in respect of dividend or repayment of capital or otherwise,
                or by
                any securities which the Company has power to issue, or partly in
                one mode
                and partly in another and generally on such terms as the Company
                may
                determine.

            

    

    

    
      	
              4.19

            	
              To
                accept payment for any property or rights sold or otherwise disposed
                of or
                dealt with by the Company, either in cash, by instalments or otherwise,
                or
                in fully or partly paid-up shares of any company or corporation,
                with or
                without deferred or preferred rights in respect of dividend or repayment
                of capital or otherwise, or in debentures or mortgage debentures
                or
                debenture stock, mortgages or other securities of any company or
                corporation, or partly in one mode and partly in another, and generally
                on
                such terms as the Company may
                determine.

            

    

    

    
      	
              4.20

            	
              To
                make loans or donations to such persons and in such cases (and in
                the case
                of loans either of cash or of other assets) as the Company may think
                directly or indirectly conducive to any of its objects or otherwise
                expedient.

            

    

    

    
      	
              4.21

            	
              To
                distribute among the members in specie any property of the Company
                or any
                proceeds of sale, disposal or realisation of any property of the
                Company
                but so that no distribution amounting to a reduction of capital be
                made
                except with the sanction (if any) for the time being required by
                law.

            

    

    

    
      	
              4.22

            	
              To
                subscribe for, purchase or otherwise acquire, take, hold, or sell
                any
                shares or stock, bonds, debentures or debenture stock, or other securities
                or obligations of any company and to invest or lend any of the moneys
                of
                the Company not immediately required for its operations in such manner,
                with or without security, as the Company may think
                fit.

            

    

    

    
      	
              4.23

            	
              To
                amalgamate with any other company whose objects are or include objects
                similar to those of the Company and on any terms
                whatsoever.

            

    

    

    
      	
              4.24

            	
              To
                procure the Company to be registered or recognised in any country
                or place
                abroad.

            

    

    

    
      	
              4.25

            	
              To
                obtain any provisional or other order or Act of Parliament of this
                country
                or of the legislature of any other State for enabling the Company
                to carry
                any of its objects into effect, or for effecting any modifications
                of the
                Company's constitution, or for any other purpose which may seem expedient,
                and to oppose any proceeding or application which may seem calculated,
                directly or indirectly, to prejudice the Company's
                interests.

            

    

    

    
      	
              4.26

            	
              To
                appoint any person or persons, firm or firms, company or companies
                to be
                the attorney or agent of the Company and to act as agents, managers,
                secretaries, contractors or in similar
                capacity.

            

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    
      	
              4.27

            	
              To
                insure the life of any person who may, in the opinion of the Company,
                be
                of value to the Company as having or holding for the Company interests,
                goodwill or influence or other assets and to pay the premiums on
                such
                insurance.

            

    

    

    
      	
              4.28

            	
              To
                establish and maintain or procure the establishment and maintenance
                of
                contributory or non-contributory pension or superannuation funds
                for the
                benefit of the persons referred to below, to grant emoluments, pensions,
                allowances, donations, gratuities and bonuses to such persons and
                to make
                payments for or towards insurance on the life or lives of such persons;
                to
                establish, subsidise, subscribe to or otherwise support any institution,
                association, society, club, trust, other establishment, or fund,
                the
                support of which may, in the opinion of the Company, be calculated
                directly or indirectly to benefit the Company or any such persons,
                or may
                be connected with any place where the Company carries on business;
                to
                institute and maintain any institution, association, society, club,
                trust
                or other establishment or profit-sharing scheme calculated to advance
                the
                interests of the Company or such persons; to join, participate in
                and
                subsidise or assist any association of employers or employees or
                any trade
                association; and to subscribe or guarantee money for charitable or
                benevolent objects or for any public, general or useful object or
                for any
                exhibition; the said persons are any persons who are or were at any
                time
                in the employment or service of the Company or of any company being
                at the
                relevant time the holding company or a subsidiary (both as defined
                by
                section 736 Companies Act 1985) of the Company or of the Company's
                holding
                company or is otherwise associated with the Company in its business
                or who
                are or were at any time directors or officers of the Company or of
                such
                other company as aforesaid, and holding or who held any salaried
                employment or office in the Company or such other company, and the
                wives,
                widows, families or dependants of any such
                persons.

            

    

    

    
      	
              4.29

            	
              To
                purchase and maintain for any Director or other officer of the Company
                any
                insurance policy indemnifying such officer against liability for
                negligence, default, breach of duty or breach of trust or any other
                liabilities which may be lawfully insured
                against.

            

    

    

    
      	
              4.30

            	
              To
                take, make, execute, enter into, commence, carry on, prosecute or
                defend
                all steps, contracts, agreements, negotiations, legal and other
                proceedings, compromises, arrangements and schemes, and to do all
                other
                acts, matters and things which shall at any time appear conducive
                or
                expedient for the advantage or protection of the
                Company.

            

    

    

    
      	
              4.31

            	
              To
                do all or any of the above things in Hong Kong and in any other part
                of
                the world and either as principals, agents, contractors, trustees,
                or
                otherwise, and either alone or in conjunction with
                others.

            

    

    

    
      	
              4.32

            	
              To
                carry on business as a general commercial
                company.

            

    

    

    
      	
              4.33

            	
              To
                do all such acts or things as are incidental or conducive to the
                attainment of the above objects or any of
                them.

            

    

    

    It
      is
      hereby declared that:

    

    
      	 	
              (a)

            	
              the
                word "company" in this Clause, except where used in reference to
                the
                Company, shall be deemed to include any partnership or other body
                of
                persons, whether incorporated or not incorporated, and wheresoever
                domiciled, and whether now existing or hereafter to be formed;
                and

            

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (b)

            	
              the
                objects set forth in each sub-clause of this Clause shall not be
                restrictively construed but the widest interpretation should be given
                thereto and they shall not, except where the context expressly so
                requires, be in any way limited or restricted by application of the
                ejusdem generis rule or by reference to or inference from any other
                object
                or objects set forth in such sub-clause or from the terms of any
                other
                sub-clause or by the name of the Company; none of such sub-clauses
                or the
                object or objects therein specified or the powers thereby conferred
                shall
                be deemed subsidiary or ancillary to the objects or powers mentioned
                in
                any other sub-clause, but the Company shall have full power to exercise
                all or any of the objects conferred by and provided in each of the
                said
                sub-clauses as if each sub-clause contained the objects of a separate
                company.

            

    

    

    
      	5	
              The
                liability of the members is
                limited.

            

    

     

    
      	64	
              The
                capital of HSBC Holdings plc was by virtue of a Special Resolution
                and
                with the sanction of an Order of the High Court of Justice dated
                30 June
                1999 reduced from HK$20,000,000,000 divided into 2,000,000,000 Ordinary
                Shares of HK$10 each and £1,625,301,500 divided into 1,500,000,000
                Ordinary Shares of 75p each, 500,000,000 Non-cumulative Preference
                Shares
                of £1 each and 301,500 Non-voting Deferred Shares of £1 each to
                £500,301,500 divided into 500,000,000 Non-cumulative Preference Shares
                of
                £1 each and 301,500 Non-voting Deferred Shares of £1 each. It is further
                provided by the said Special Resolution that, contingent upon the
                said
                reduction of capital taking effect, the authorised share capital
                of the
                Company be increased by US$4,203,714,753 by the creation of 2,802,476,502
                Ordinary Shares of US$1.50 each. The capital of the Company is accordingly
                on the registration of this Minute US$4,203,714,753 divided into
                2,802,476,502 Ordinary Shares of US$1.50 each and £500,301,500 divided
                into 500,000,000 Non-cumulative Preference Shares of £1 each and 301,500
                Non-voting Deferred Shares of £1 each, of which all the said Non-voting
                Deferred Shares have been issued and are deemed to be fully paid
                up and
                none of the Non-Cumulative Preference Shares or Ordinary Shares has
                been
                issued.

            

      

      We,
        the
        several persons whose names, addresses and descriptions are subscribed, are
        desirous of being formed into a Company in pursuance of this Memorandum of
        Association, and we respectively agree to take the number of shares in the
        capital of the Company set opposite our respective names.

    

     

    
      

    

    
      	
              4

            	
              By
                conditional Special Resolutions duly passed on 28 May 1999 (the conditions
                to which were satisfied on 2 July 1999), each existing Ordinary Share
                of
                US$1.50 each was sub-divided into three Ordinary Shares of US$0.50
                each
                and the authorised share capital of the Company denominated in United
                States dollars was then increased from US$4,203,714,753 divided into
                8,407,429,506 Ordinary Shares of US$0.50 each to US$5,250,000,000
                divided
                into 10,500,000,000 Ordinary Shares of US$0.50
                each.

            

    

    

    
      	 	
              By
                a Special Resolution passed on 26 May 2000 the 500,000,000 authorised
                but
                unissued non-cumulative preference shares of £1 each were cancelled, and
                the authorised share capital of the Company was increased by the
                creation
                of 10,000,000 non-cumulative preference shares of £0.01 each, 10,000,000
                non-cumulative preference shares of US$0.01 each and 10,000,000
                non-cumulative preference shares of €0.01 each.

               

              
                By
                  a Special Resolution passed on 25 May 2001 the authorised share
                  capital of
                  the Company denominated in United States dollars was increased
                  to
                  US$7,500,100,000 by the creation of an additional 4,500,000,000
                  Ordinary
                  Shares of US$0.50 each.

              

            

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    
      	
              NAMES
                AND ADDRESSES AND 

              DESCRIPTION
                OF SUBSCRIBERS

            	 	
              Number
                of Shares taken by each

              Subscriber

            
	 	 	 
	
              JEAN
                HERBERT

              156
                Strand

              London
                WC2

              Company
                Director

               

              THOMAS
                ARTHUR HERBERT

              156
                Strand

              London
                WC2

              Barrister-at-Law

            	 	
              One

               

               

               

               

               

              One

            

    

     

    Dated
      the
      18th day of January 1956

    

    WITNESS
      to the above Signatures

     

    CHRISTINE
      FREDA HERBERT

    7
      The
      Avenue

    Muswell
      Hill

    London
      N10

    Company
      Director

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    ARTICLES
      OF ASSOCIATION

    

    CONTENTS

    

      
        	 	 	
                Page

              
	
                Article
                  No 

              	 	
              
	 	 	 	 
	
                PRELIMINARY

              	 	 
	
                1

              	
                Table
                  "A" not to apply

              	 	
                14

              
	
                2

              	
                Interpretation

              	 	
                14

              
	
                3

              	
                Registered
                  Office and Head Office

              	 	
                18

              
	 	 	 	 
	
                SHARE
                  CAPITAL

              	 	 
	
                4

              	
                Share
                  Capital

              	 	
                18

              
	
                5

              	
                Rights
                  of the Sterling Preference Shares

              	 	
                18

              
	
                5A

              	
                Rights
                  of the Dollar Preference Shares

              	 	
                26

              
	
                5B

              	
                Rights
                  of the Euro Preference Shares

              	 	
                34

              
	
                5C
                  

              	
                Rights
                  of the Non-voting Deferred Shares

              	 	
                42

              
	
                6

              	
                Allotment

              	 	
                42

              
	
                7

              	
                Redeemable
                  shares

              	 	
                44

              
	
                8

              	
                Power
                  to attach rights

              	 	
                44

              
	
                9

              	
                Stock
                  and share warrants to bearer

              	 	
                44

              
	
                10

              	
                Commission
                  and brokerage

              	 	
                44

              
	
                11

              	
                Trusts
                  not to be recognised

              	 	
                45

              
	 	 	 	 
	
                SHARE
                  CERTIFICATES

              	 	 
	
                12

              	
                Right
                  to certificates

              	 	
                45

              
	
                13

              	
                Replacement
                  certificates

              	 	
                45

              
	 	 	 	 
	
                LIEN
                  ON SHARES

              	 	 
	
                14

              	
                Lien
                  on shares not fully paid

              	 	
                46

              
	
                15

              	
                Enforcement
                  of lien by sale

              	 	
                46

              
	
                16

              	
                Application
                  of proceeds of sale

              	 	
                47

              
	 	 	 	 
	
                CALLS
                  ON SHARES

              	 	 
	
                17

              	
                Calls

              	 	
                47

              
	
                18

              	
                Interest
                  on calls

              	 	
                47

              
	
                19

              	
                Rights
                  of member when call unpaid

              	 	
                47

              
	
                20

              	
                Sums
                  due on allotment treated as calls

              	 	
                48

              
	
                21

              	
                Power
                  to differentiate

              	 	
                48

              
	
                22

              	
                Payment
                  in advance of calls

              	 	
                48

              
	
                23

              	
                Delegation
                  of power to make calls

              	 	
                48

              
	
                24

              	
                Indemnity
                  against claims in respect of shares

              	 	
                48

              

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	
                FORFEITURE
                  OF SHARES

              	 	 
	
                25

              	
                Notice
                  if call not paid

              	 	
                49

              
	
                26

              	
                Forfeiture
                  for non-compliance 

              	 	
                50

              
	
                27

              	
                Notice
                  after forfeiture

              	 	
                50

              
	
                28

              	
                Forfeiture
                  may be annulled

              	 	
                50

              
	
                29

              	
                Surrender

              	 	
                50

              
	
                30

              	
                Disposal
                  of forfeited shares

              	 	
                50

              
	
                31

              	
                Effect
                  of forfeiture

              	 	
                50

              
	
                32

              	
                Extinction
                  of claims

              	 	
                51

              
	
                33

              	
                Evidence
                  of forfeiture

              	 	
                51

              
	 	 	 	 
	
                TRANSFER
                  OF SHARES

              	 	 
	
                34

              	
                Form
                  of transfer

              	 	
                51

              
	
                35

              	
                Right
                  to refuse registration

              	 	
                51

              
	
                36

              	
                Notice
                  of refusal

              	 	
                52

              
	
                37

              	
                Closing
                  of Registers

              	 	
                52

              
	
                38

              	
                Fees
                  on registration

              	 	
                52

              
	
                39

              	
                Other
                  powers in relation to transfers

              	 	
                53

              
	
                40

              	
                [Deleted]

              	 	
                53

              
	 	 	 	 
	
                TRANSMISSION
                  OF SHARES

              	 	 
	
                41

              	
                On
                  death

              	 	
                53

              
	
                42

              	
                Election
                  of person entitled by transmission

              	 	
                53

              
	
                43

              	
                Rights
                  on transmission

              	 	
                53

              
	 	 	 	 
	
                DESTRUCTION
                  OF DOCUMENTS

              	 	 
	
                44

              	
                Destruction
                  of documents

              	 	
                54

              
	 	 	 	 
	
                ALTERATION
                  OF SHARE CAPITAL

              	 	 
	
                45

              	
                Increase,
                  consolidation, cancellation and sub-division

              	 	
                55

              
	
                46

              	
                Fractions

              	 	
                55

              
	
                47

              	
                Reduction
                  of capital

              	 	
                56

              
	
                48

              	
                Purchase
                  of own shares

              	 	
                57

              
	 	 	 	 
	
                VARIATION
                  OF CLASS RIGHTS

              	 	 
	
                49

              	
                Sanction
                  to variation

              	 	
                57

              
	
                50

              	
                Class
                  meetings

              	 	
                57

              
	
                51

              	
                Deemed
                  variation

              	 	
                58

              
	 	 	 	 
	
                GENERAL
                  MEETINGS

              	 	 
	
                52

              	
                Annual
                  general meetings

              	 	
                58

              
	
                53

              	
                Extraordinary
                  general meetings

              	 	
                58

              
	
                54

              	
                Convening
                  of extraordinary general meetings

              	 	
                58

              
	
                55

              	
                Notice
                  of general meetings

              	 	
                58

              
	
                56

              	
                Omission
                  to send notice

              	 	
                59

              
	
                56A

              	
                Postponement
                  of General Meeting

              	 	
                59

              
	
                57

              	
                Special
                  business

              	 	
                60

              

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      
        	
                PROCEEDINGS
                  AT GENERAL MEETINGS

              	 	 
	
                58

              	
                Quorum

              	 	
                60

              
	
                59

              	
                If
                  quorum not present

              	 	
                60

              
	
                60

              	
                Chairman

              	 	
                60

              
	
                61

              	
                Director
                  may attend and speak

              	 	
                61

              
	
                62

              	
                Power
                  to adjourn

              	 	
                61

              
	
                63

              	
                Notice
                  of adjourned meeting

              	 	
                61

              
	
                64

              	
                Business
                  of adjourned meeting

              	 	
                61

              
	
                65

              	
                Accommodation
                  of members at meeting

              	 	
                61

              
	 	 	 	 
	
                VOTING

              	 	 
	
                66

              	
                Method
                  of voting

              	 	
                62

              
	
                67

              	
                Chairman's
                  declaration conclusive on show of hands

              	 	
                63

              
	
                68

              	
                Objection
                  to error in voting

              	 	
                63

              
	
                69

              	
                Amendment
                  to resolutions

              	 	
                63

              
	
                70

              	
                Procedure
                  on a poll

              	 	
                63

              
	
                71

              	
                Votes
                  of members

              	 	
                64

              
	
                72

              	
                Casting
                  vote

              	 	
                64

              
	
                73

              	
                Restriction
                  on voting rights for unpaid calls etc

              	 	
                64

              
	
                73A

              	
                Vote
                  not counted where abstention required

              	 	
                65

              
	
                74

              	
                Voting
                  by proxy

              	 	
                65

              
	
                75

              	
                Form
                  of proxy

              	 	
                65

              
	
                76

              	
                Deposit
                  or receipt of proxy

              	 	
                65

              
	
                77

              	
                More
                  than one proxy may be appointed

              	 	
                66

              
	
                78

              	
                Board
                  may supply proxy cards

              	 	
                66

              
	
                79

              	
                Revocation
                  of proxy

              	 	
                67

              
	
                79A

              	
                Directors'
                  powers to establish verification procedures in connection with
                  proxies

              	 	
                67

              
	
                80

              	
                Corporate
                  representative

              	 	
                67

              
	
                81

              	
                Failure
                  to disclose interests in shares

              	 	
                68

              
	 	 	 	 
	
                UNTRACED
                  MEMBERS

              	 	 
	
                82

              	
                Power
                  of sale

              	 	
                70

              
	
                83

              	
                Application
                  of proceeds of sale

              	 	
                71

              
	 	 	 	 
	
                APPOINTMENT,
                  RETIREMENT AND REMOVAL OF DIRECTORS

              	 	 
	
                84

              	
                Number
                  of Directors

              	 	
                71

              
	
                85

              	
                Power
                  of Company to appoint Directors

              	 	
                71

              
	
                86

              	
                Power
                  of Board to appoint Directors

              	 	
                71

              
	
                87

              	
                Appointment
                  of executive Directors

              	 	
                72

              
	
                88

              	
                Eligibility
                  of new Directors

              	 	
                72

              
	
                89

              	
                Share
                  qualification

              	 	
                72

              
	
                90

              	
                Resolution
                  for appointment

              	 	
                72

              
	
                91

              	
                Retirement
                  by rotation

              	 	
                72

              
	
                92

              	
                Directors
                  subject to retirement by rotation

              	 	
                73

              
	
                93

              	
                Position
                  of retiring Director

              	 	
                73

              
	
                94

              	
                Deemed
                  re-appointment

              	 	
                73

              
	
                95

              	
                Retirement
                  on account of age

              	 	
                 

              
	
                96

              	
                Removal
                  by ordinary resolution

              	 	
                73

              
	
                97

              	
                Vacation
                  of office by Director

              	 	
                74

              
	
                98

              	
                Resolution
                  as to vacancy conclusive

              	 	
                74

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	
                ALTERNATE
                  DIRECTORS

              	 	 
	
                99

              	
                Appointments

              	 	
                74

              
	
                100

              	
                Participation
                  in Board meetings

              	 	
                75

              
	
                101

              	
                Alternate
                  Director responsible for own acts

              	 	
                75

              
	
                102

              	
                Interests
                  of alternate Director

              	 	
                75

              
	
                103

              	
                Revocation
                  of appointment

              	 	
                75

              
	 	 	 	 
	
                DIRECTORS'
                  REMUNERATION, EXPENSES AND PENSIONS

              	 	 
	
                104

              	
                Directors'
                  fees

              	 	
                76

              
	
                105

              	
                Expenses

              	 	
                76

              
	
                106

              	
                Additional
                  remuneration

              	 	
                76

              
	
                107

              	
                Remuneration
                  of executive Directors

              	 	
                76

              
	
                108

              	
                Pensions

              	 	
                76

              
	 	 	 	 
	
                POWERS
                  AND DUTIES OF THE BOARD

              	 	 
	
                109

              	
                Powers
                  of the Board

              	 	
                77

              
	
                110

              	
                Powers
                  of Directors being less than minimum number

              	 	
                77

              
	
                111

              	
                Powers
                  of executive Directors

              	 	
                77

              
	
                112

              	
                Delegation
                  to committees

              	 	
                77

              
	
                113

              	
                Local
                  management

              	 	
                78

              
	
                114

              	
                Power
                  of attorney

              	 	
                78

              
	
                115

              	
                Associate
                  directors

              	 	
                78

              
	
                116

              	
                Exercise
                  of voting power

              	 	
                79

              
	
                117

              	
                Provision
                  for employees

              	 	
                79

              
	
                118

              	
                Registers
                  of members

              	 	
                79

              
	
                119

              	
                Borrowing
                  powers

              	 	
                80

              
	 	 	 	 
	
                PROCEEDINGS
                  OF DIRECTORS AND COMMITTEES

              	 	 
	
                120

              	
                Board
                  meetings

              	 	
                80

              
	
                121

              	
                Notice
                  of Board meetings

              	 	
                80

              
	
                122

              	
                Quorum

              	 	
                81

              
	
                123

              	
                Chairman
                  of Board

              	 	
                81

              
	
                124

              	
                Voting

              	 	
                81

              
	
                125

              	
                Participation
                  by telephone

              	 	
                81

              
	
                126

              	
                Resolution
                  in writing

              	 	
                81

              
	
                127

              	
                Proceedings
                  of committees

              	 	
                82

              
	
                128

              	
                Minutes
                  of proceedings

              	 	
                82

              
	
                129

              	
                Validity
                  of proceedings

              	 	
                82

              
	 	 	 	 
	
                DIRECTORS'
                  INTERESTS

              	 	 
	
                130

              	
                Director
                  may have interests

              	 	
                82

              
	
                131

              	
                Disclosure
                  of interests to Board

              	 	
                83

              
	
                132

              	
                Interested
                  Director not to vote or count for quorum

              	 	
                83

              
	
                133

              	
                Director's
                  interest in own appointment

              	 	
                84

              
	
                134

              	
                Chairman's
                  ruling conclusive on Director's interest

              	 	
                85

              
	
                135

              	
                Directors'
                  resolution conclusive on Chairman's interest

              	 	
                85

              
	
                136

              	
                [Deleted]

              	 	
                85

              
	
                137

              	
                Definitions

              	 	
                85

              

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	
                THE
                  SEAL

              	 	 
	
                138

              	
                Application
                  of Seal

              	 	
                85

              
	
                139

              	
                Deed
                  without sealing

              	 	
                86

              
	
                140

              	
                Official
                  seal for use abroad

              	 	
                86

              
	 	 	 	
                 

              
	
                THE
                  SECRETARY

              	 	
                 

              
	
                141

              	
                The
                  Secretary

              	 	
                86

              
	 	 	 	
                 

              
	
                DIVIDENDS
                  AND OTHER PAYMENTS

              	 	
                 

              
	
                142

              	
                Declaration
                  of dividends

              	 	
                86

              
	
                143

              	
                Interim
                  dividends

              	 	
                87

              
	
                144

              	
                Entitlement
                  to dividends

              	 	
                87

              
	
                145

              	
                Calls
                  or debts may be deducted from dividends

              	 	
                87

              
	
                146

              	
                Distribution
                  in specie

              	 	
                87

              
	
                147

              	
                Dividends
                  not to bear interest

              	 	
                88

              
	
                148

              	
                Method
                  of payment

              	 	
                88

              
	
                149

              	
                Uncashed
                  dividends

              	 	
                88

              
	
                150

              	
                Unclaimed
                  dividends

              	 	
                89

              
	
                151

              	
                Payment
                  of scrip dividends

              	 	
                89

              
	
                152

              	
                Reserves

              	 	
                90

              
	
                153

              	
                Capitalisation
                  of reserves

              	 	
                91

              
	
                154

              	
                Record
                  dates

              	 	
                92

              
	 	 	 	
                 

              
	
                ACCOUNTS

              	 	
                 

              
	
                155

              	
                Accounting
                  records

              	 	
                93

              
	
                156

              	
                Inspection
                  of records

              	 	
                95

              
	
                157

              	
                Accounts
                  to be sent to members

              	 	
                93

              
	
                158

              	
                Summary
                  financial statements

              	 	
                93

              
	 	 	 	
                 

              
	
                NOTICES

              	 	
                 

              
	
                159

              	
                Form
                  of Notices

              	 	
                93

              
	
                160

              	
                Service
                  of notice on members

              	 	
                94

              
	
                161

              	
                Notice
                  in case of death, bankruptcy or mental disorder

              	 	
                95

              
	
                162

              	
                Evidence
                  of service

              	 	
                95

              
	
                163

              	
                Notice
                  binding on transferees

              	 	
                96

              
	
                164

              	
                Notice
                  by advertisement

              	 	
                96

              
	
                165

              	
                Suspension
                  of postal services

              	 	
                97

              
	 	 	 	
                 

              
	
                WINDING
                  UP

              	 	
                 

              
	
                166

              	
                Division
                  of assets

              	 	
                97

              
	
                167

              	
                Transfer
                  or sale under s.110 Insolvency Act 1986

              	 	
                97

              
	 	 	 	
                 

              
	
                INDEMNITY

              	 	
                 

              
	
                168

              	
                Right
                  to indemnity

              	 	
                98

              
	
                169

              	
                Power
                  to insure

              	 	
                98

              
	 	 	 	
                 

              
	
                UNCERTIFICATED
                  SHARES

              	 	
                 

              
	
                170

              	
                Uncertificated
                  Shares

              	 	
                98

              

      

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

    No.
      617987

    

    THE
      COMPANIES ACTS 1985, 1989 AND 2006

    

    
      
        

      

    PUBLIC
      COMPANY LIMITED BY SHARES

    

    
      
 

    ARTICLES
      OF ASSOCIATION

    

    of

    

    HSBC
      Holdings plc

    

    (As
      adopted by Special Resolution passed on 25 March 1991

    and
      amended by Special Resolutions passed on 9 June 1992, which came into effect
      on

    10
      July
      1992, on 28 May 1993, on 28 May 1999, which came into effect in part
      on

    28
      May
      1999, in part on 2 July 1999 and in part on 30 September 1999, on 26 May 2000,
      on 25 May 2001, on 27 May 2005 and 25 May 2007)

    

    
      
 

    PRELIMINARY

    

    
      	1	
              Table
                "A" not to apply

            

    

    

    
      	
              1.1

            	
              No
                regulations for management of a company set out in any schedule to
                any
                statute concerning companies or contained in any regulations or instrument
                made pursuant to a statute shall apply to the Company, but the following
                shall be the Articles of Association of the
                Company.

            

    

    

    
      	2	
              Interpretation

            

    

    

    
      	
              2.1

            	
              In
                these Articles, unless the context otherwise requires, the following
                expressions have the following
                meanings:

            

    

     

    
      
        	 	
                Expression

              	 	
                Meaning

              
	 	 	 	 
	 	
                2006
                  Act

              	 	
                subject
                  to paragraph 2.3 of this Article, the Companies Act
                  2006

              
	 	 	 	 
	 	
                Act

              	 	
                subject
                  to paragraph 2.3 of this Article, the Companies Act 1985 and, where
                  the
                  context requires, every other statute for the time being in force
                  concerning companies and affecting the Company (including, without
                  limitation, the Regulations)

              
	 	 	 	 
	 	
                address

              	 	
                in
                  relation to any electronic communication includes any number or
                  address
                  used for the purposes of such
                  communication

              

      

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      
        	 	
                these
                  Articles

              	 	
                these
                  Articles of Association as altered or varied from time to time
                  (and
                  "Article" means one of these Articles)

              
	 	 	 	 
	 	
                Auditors

              	 	
                the
                  auditors for the time being of the Company or, in the case of joint
                  auditors, any one of them

              
	 	 	 	 
	 	
                Board

              	 	
                the
                  board of Directors for the time being of the Company or the Directors
                  present at a duly convened meeting of Directors at which a quorum
                  is
                  present

              
	 	 	 	 
	 	
                Chairman

              	 	
                the
                  chairman (if any) of the Board or where the context requires, the
                  chairman
                  of a general meeting of the Company

              
	 	 	 	 
	 	
                clear
                  days

              	 	
                (in
                  relation to the period of a notice) that period, excluding the
                  day when
                  the notice is given or deemed to be given and the day for which
                  it is
                  given or on which it is to take effect

              
	 	 	 	 
	 	
                Company

              	 	
                HSBC
                  Holdings plc

              
	 	 	 	 
	 	
                Depositary

              	 	
                a
                  custodian or other person (or a nominee for such custodian or other
                  person) appointed under contractual arrangements with the Company
                  or other
                  arrangements approved by the Board whereby such custodian or other
                  person
                  or nominee holds or is interested in shares of the Company or rights
                  or
                  interests in shares of the Company and issues securities or other
                  documents of title or otherwise evidencing the entitlement of the
                  holder
                  thereof to or to receive such shares, rights or interests, provided
                  and to
                  the extent that such arrangements have been approved by the Board
                  for the
                  purpose of these Articles and shall include, where approved by
                  the Board,
                  the trustees (acting in their capacity as such) of any employees'
                  share
                  scheme established by the Company or any other scheme or arrangements
                  principally for the benefit of employees of the Company and/or
                  its
                  subsidiaries which have been approved by the Board

              
	 	 	 	 
	 	
                Director

              	 	
                a
                  director for the time being of the Company

              
	 	 	 	 
	 	
                dividend

              	 	
                a
                  distribution or a bonus

              
	 	
              	 	 
	 	
                
                  Dollar
                    Preference Share

                

              	 	
                a
                  non-cumulative preference share of US$0.01

              
	 	
              	 	 
	 	
                
                  electronic
                    form

                

              	 	
                has
                  the meaning given in section 1168 of the 2006 Act, and shall include
                  provision of any information or document on a website, and references
                  to
                  “electronic copy”, “electronic communication” and “electronic means” shall
                  be construed accordingly

              
	 	 	 	 
	 	
                
                  Euro
                    Preference Share

                

              	 	
                a
                  non-cumulative preference share of
€0.01

              

      

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        	 	
                execution

              	 	
                includes
                  any mode of execution (and "executed" shall be construed
                  accordingly)

              
	 	 	 	 
	 	
                hard
                  copy

              	 	
                any
                  document sent or supplied in a paper copy or similar form capable
                  of being
                  read by the recipient

              
	 	 	 	 
	 	
                Head
                  Office

              	 	
                the
                  office determined by the Board for the time being under Article
                  3.1

              
	 	 	 	 
	 	
                holder

              	 	
                (in
                  relation to any share) the member whose name is entered in the
                  Register as
                  the holder or, where the context permits, the members whose names
                  are
                  entered in the Register as joint holders, of that share

              
	 	 	 	 
	 	
                Hong
                  Kong

              	 	
                the
                  register referred to in Article 118

              
	 	
                Overseas

              	 	 
	 	
                Branch
                  Register

              	 	 
	 	 	 	 
	 	
                The
                  Hong Kong

              	 	
                The
                  Stock Exchange of Hong Kong Limited or other the

              
	 	
                Stock
                  Exchange

              	 	
                principal
                  stock exchange in Hong Kong for the time being

              
	 	 	 	 
	 	
                member

              	 	
                a
                  member of the Company

              
	 	 	 	 
	 	
                Office

              	 	
                the
                  registered office for the time being of the Company

              
	 	 	 	 
	 	
                Ordinary
                  Share

              	 	
                an
                  Ordinary Share of the Company

              
	 	 	 	 
	 	
                paid
                  up

              	 	
                paid
                  up or credited as paid up

              
	 	 	 	 
	 	
                recognised
                  person

              	 	
                a
                  recognised clearing house or a nominee of a recognised clearing
                  house or
                  of a recognised investment exchange who is designated as mentioned
                  in
                  section 185(4) of the Act

              
	 	 	 	 
	 	
                Principal
                  Register

              	 	
                the
                  register of members of the Company to be kept pursuant to section
                  352 of
                  the Act

              
	 	 	 	 
	 	
                Register

              	 	
                the
                  Principal Register or the Hong Kong Overseas Branch Register or
                  any
                  Overseas Branch Register as is referred to in Article 118, as the
                  case may
                  be

              
	 	 	 	 
	 	
                Regulations

              	 	
                The
                  Uncertificated Securities Regulations 2001 (SI 2001 No. 3755) including
                  any modifications thereof and rules made thereunder or any regulations
                  in
                  substitution therefor made under section 207 of the Companies Act
                  1989 for
                  the time being in force

              
	 	 	 	 
	 	
                Seal

              	 	
                any
                  common seal of the Company or any official seal kept by the Company
                  by
                  virtue of section 40 of the Act

              
	 	 	 	 
	 	
                Secretary

              	 	
                the
                  secretary for the time being of the Company or any other person
                  appointed
                  to perform any of the duties of the secretary of the Company including
                  (subject to the provisions of the Act) a joint, temporary, assistant
                  or
                  deputy secretary

              

      

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      
        	 	
                share

              	 	
                a
                  share of the Company

              
	 	 	 	 
	 	
                Sterling

              	 	
                a
                  non-cumulative preference share of £0.01

              
	 	
                Preference
                  Share

              	 	 
	 	 	 	 
	 	
                The
                  Stock

              	 	
                London
                  Stock Exchange plc or other principal stock

              
	 	
                Exchange

              	 	
                exchange
                  in the United Kingdom for the time being

              
	 	 	 	 
	 	
                United
                  Kingdom

              	 	
                Great
                  Britain and Northern Ireland

              
	 	 	 	 
	 	
                writing
                  or

              	 	
                includes
                  printing, typewriting, lithography, photography and any other mode
                  

              
	 	
                written

              	 	
                or
                  modes of representing or reproducing words in a legible and non-transitory
                  form and, if the Board shall in its absolute discretion determine
                  for any
                  purpose or purposes under these Articles, subject to such terms
                  and
                  conditions as the Board may determine, electronic
                  communications

              
	 	 	 	 
	 	
                £
                  (or sterling) and

              	 	 
	 	
                p
                  or pence

              	 	
                pounds
                  sterling and pence

              
	 	 	 	 
	 	
                US$
                  or US dollars

              	 	
                United
                  States dollars

              
	 	 	 	 
	 	
                €
                  or euro

              	 	
                the
                  single currency adopted by those states participating in European
                  Monetary
                  Union from time to time

              

      

    

    

    
      	2.2	
              Unless
                the context otherwise requires:

            

    

    

    
      	 	
              (a)

            	
              words
                in the singular include the plural, and vice
                versa;

            

    

    

    
      	 	
              (b)

            	
              words
                importing the masculine gender include the feminine
                gender;

            

    

    

    
      	 	
              (c)

            	
              a
                reference to a person includes a body corporate and an unincorporated
                body
                of persons.

            

    

    

    
      	
              2.3
                

            	
              A
                reference to any statute or provision of a statute shall include
                any
                orders regulations or other subordinate legislation made under it
                and
                shall, unless the context otherwise requires, include any statutory
                modification or re-enactment of any statute or provision of a statute
                for
                the time being in force.

            

    

    

    
      	
              2.4

            	
              Save
                as aforesaid, and unless the context otherwise requires, words or
                expressions contained in these Articles shall bear the same meaning
                as in
                the Act or the 2006 Act, as
                appropriate.

            

    

    

    
      	
              2.5

            	
              Where
                for any purpose an ordinary resolution of the Company is required,
                a
                special resolution or an extraordinary resolution shall also be effective,
                and where an extraordinary resolution is required a special resolution
                shall also be effective.

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	
              2.6

            	
              The
                headings are inserted for convenience only and shall not affect the
                construction of these Articles.

            

    

    

    
      	
              3

            	
              Registered
                Office and Head Office

            

    

    

    
      	
              3.1

            	
              The
                Office shall be at such place in England and Wales as the Board shall
                from
                time to time appoint. The Head Office shall be at such place and
                in such
                country or territory as the Board shall from time to time
                appoint.

            

    

    

    SHARE
      CAPITAL

    

    
      	4	
              Share
                Capital

            

    

    

    
      	
              4.1

            	
              The
                authorised share capital of the Company is US$7,500,100,000 divided
                into
                15,000,000,000 Ordinary Shares of US$0.50 each and 10,000,000 Dollar
                Preference Shares of US$0.01 each, £401,500 divided into 10,000,000
                Sterling Preference Shares of £0.01 each and 301,500 Non-voting Deferred
                Shares of £1 each, and €100,000 divided into 10,000,000 Euro Preference
                Shares of €0.01 each.

            

    

    

    
      	
              4.2

            	
              The
                Ordinary Shares rank pari passu in all
                respects.

            

    

    

    
      	
              4.3

            	
              Fully
                paid Ordinary Shares confer identical rights in respect of capital,
                dividends (save where and to the extent that any such share is issued
                on
                terms providing that it shall rank for dividend as from a particular
                date), voting and otherwise notwithstanding that they are denominated
                in
                different currencies and shall be treated as if they are one single
                class
                of shares.

            

    

    

    
      	
              5

            	
              Rights
                of the Sterling Preference Shares

            

    

    

    
      	
              5.1

            	
              The
                following rights and restrictions shall be attached to the Sterling
                Preference Shares:

            

    

    

    
      	
            	(1)	
              The
                Sterling Preference Shares shall rank pari passu inter se and with
                the
                Dollar Preference Shares and the Euro Preference Shares and with
                all other
                shares expressed to rank pari passu therewith. They shall confer
                the
                rights and be subject to the limitations set out in this Article.
                They
                shall also confer such further rights (not being inconsistent with
                the
                rights set out in this Article) and be subject to such further limitations
                and restrictions as may be attached by the Board to such shares prior
                to
                allotment. Whenever the Board has power under this Article to determine
                any of the rights attached to any of the Sterling Preference Shares,
                the
                rights so determined need not be the same as those attached to the
                Sterling Preference Shares which have then been allotted or issued.
                The
                Sterling Preference Shares may be issued in one or more separate
                series
                and each series shall be identified in such manner as the Board may
                determine without any such determination or identification requiring
                any
                alteration to these Articles.

            

    

    

    
      	 	
              (2)

            	
              Each
                Sterling Preference Share shall confer the following rights as to
                dividend
                and capital:

            

    

    

    Income

    

    
      	 	
              (a)

            	
              the
                right (subject to the provisions of paragraph (4) of this Article,
                if
                applicable) in priority to the payment of any dividend to the holders
                of
                Ordinary Shares and any other class of shares of the Company in issue
                (other than (i) the Dollar Preference Shares, the Euro Preference
                Shares
                and any other shares expressed to rank pari passu therewith as regards
                income and (ii) any shares which by their terms rank in priority
                to the
                Sterling Preference Shares as regards income) to a non-cumulative
                preferential dividend in sterling payable at such rate (whether fixed,
                variable or floating or to be determined by a specified procedure,
                mechanism or formula) on such dates (each a “Dividend Payment Date”) and
                on such other terms and conditions as may be determined by the Board
                prior
                to allotment thereof;

            

    

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Capital

    

    
      	 	
              (b)

            	
              the
                right in a winding up of the Company (but not, unless otherwise provided
                by the terms of issue of such share, upon a redemption, reduction
                or
                purchase by the Company of any of its share capital) to receive in
                sterling out of the assets of the Company available for distribution
                to
                its members in priority to any payment to the holders of the Ordinary
                Shares and any other class of shares of the Company in issue (other
                than
                (i) the Dollar Preference Shares, the Euro Preference Shares and
                any other
                shares expressed to rank pari passu therewith as regards repayment
                of
                capital and (ii) any shares which by their terms rank in priority
                to the
                Sterling Preference Shares as regards repayment of
                capital):

            

    

    

    
      	 	
              (i)

            	
              a
                sum equal to:

            

    

     

    
      	 	
              (A)

            	
              the
                amount of any dividend which is due for payment after the date of
                commencement of the winding up but which is payable in respect of
                a period
                ending on or before such date; and

            

    

    

    
      	 	
              (B)

            	
              if
                the date of commencement of the winding up falls before the last
                day of a
                period in respect of which a dividend would have been payable and
                which
                began before such date, any further amount of dividend which would
                have
                been payable had the day before such date been the last day of that
                period,

            

    

    

    but
      only
      to the extent that any such amount or further amount was, or would have been,
      payable as a dividend in accordance with or pursuant to this Article;
      and

     

    
      	 	
              (ii)

            	
              subject
                thereto, a sum equal to the amount paid up or credited as paid up
                on such
                share together with such premium (if any) as may be determined by
                the
                Board (or by a procedure, mechanism or formula determined by the
                Board)
                prior to allotment thereof (and so that the Board may determine that
                such
                premium is payable only in specified
                circumstances).

            

    

    

    Limitations

    

    
      	
            	(3)	
              No
                Sterling Preference Share shall:

            

    

    

    
      	 	
              (a)

            	
              confer
                any right to participate in the profits or assets of the Company
                other
                than that set out in sub-paragraphs (2)(a) and (b) of this
                Article;

            

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (b)

            	
              subject
                to the Act, confer any right to participate in any offer or invitation
                by
                way of rights or otherwise to subscribe for additional shares or
                securities in the Company;

            

    

    

    
      	 	
              (c)

            	
              confer
                any right of conversion; or

            

    

    

    
      	 	
              (d)

            	
              confer
                any right to participate in any issue of bonus shares or shares issued
                by
                way of capitalisation of reserves.

            

    

    

    Further
      provisions as to income

    

    
      	 	
              (4)

            	
              All
                or any of the following provisions shall apply in relation to any
                Sterling
                Preference Shares of any series (“relevant Sterling Preference Shares”) if
                so determined by the Board prior to allotment
                thereof:

            

    

    

      
        	
              	(a)  
                 (i)	
                if,
                  on any Dividend Payment Date (“the relevant date”) on which a dividend
                  (“the relevant dividend”) would otherwise fall to be paid on any relevant
                  Sterling Preference Shares, the profits of the Company available
                  for
                  distribution are, in the opinion of the Board, insufficient to
                  enable
                  payment in full to be made of the relevant dividend, then the Board
                  shall
                  (after payment in full, or the setting aside of a sum required
                  for payment
                  in full, of all dividends payable on or before the relevant date
                  on any
                  shares in the capital of the Company in priority to the relevant
                  Sterling
                  Preference Shares) apply such profits, if any, in paying dividends
                  to the
                  holders of participating shares (as defined below) pro rata to
                  the amounts
                  of dividend on participating shares accrued and payable on or before
                  the
                  relevant date. For the purposes of this paragraph, the expression
                  “participating shares” shall mean the relevant Sterling Preference Shares
                  and any other shares in the capital of the Company which rank pari
                  passu
                  as to participation in profits with the relevant Sterling Preference
                  Shares and on which either (1) a dividend is payable on the relevant
                  date
                  or (2) arrears of cumulative dividend are unpaid at the relevant
                  date;

              

      

    

    

    
      	 	
              (ii)

            	
              if
                it shall subsequently appear that any such dividend which has been
                paid in
                whole or in part should not, in accordance with the provisions of
                this
                sub-paragraph, have been so paid, then provided the Board shall have
                acted
                in good faith, they shall not incur any liability for any loss which
                any
                shareholder may suffer in consequence of such payment having been
                made;

            

    

    

    
      	
            	(b)	
              if
                the payment of any dividend on any relevant Sterling Preference Shares
                would breach or cause a breach of the capital adequacy requirements
                of the
                Financial Services Authority (or any successor organisation responsible
                for the supervision of banks in the United Kingdom) from time to
                time
                applicable to the Company and/or any of its subsidiaries, then none
                of
                such dividend shall be payable;

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    
      	
            	(c)	
              if
                a dividend or any part thereof on any relevant Sterling Preference
                Shares
                is not paid for the reasons specified in sub-paragraphs (a) or (b)
                above,
                the holders of such shares shall have no claim in respect of such
                non-payment;

            

    

    

    
      	
            	(d)	
              if
                any dividend on any relevant Sterling Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, the Company may not thereafter purchase or redeem any other
                share
                capital of the Company ranking pari passu with or after the relevant
                Sterling Preference Shares (and may not contribute any moneys to
                a sinking
                fund for any such purchase or redemption) until such time as dividends
                on
                the relevant Sterling Preference Shares in respect of such period
                as the
                Board shall determine prior to allotment thereof shall have been
                paid in
                full (or an amount equivalent thereto shall have been paid or set
                aside to
                provide for such payment in full);

            

    

    

    
      	 	
              (e)

            	
              if
                any dividend on any relevant Sterling Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, no dividend or other distribution may thereafter be declared
                or
                paid on any other share capital of the Company ranking as to dividend
                after the relevant Sterling Preference Shares until such time as
                dividends
                on the relevant Sterling Preference Shares in respect of such period
                as
                the Board shall determine prior to allotment thereof shall have been
                paid
                in full (or a sum shall have been paid or set aside to provide for
                such
                payment in full).

            

    

    

    Redemption

     

    
      	 	
              (5)

            	
              (a)

            	
              Unless
                otherwise determined by the Board in relation to Sterling Preference
                Shares of any series prior to allotment thereof, the Sterling Preference
                Shares shall, subject to the provisions of the Act, be redeemable
                at the
                option of the Company.

            

    

     

    
      	
            	(b)	
              In
                the case of any series of Sterling Preference Shares which are to
                be so
                redeemable:

            

    

     

    
      	 	
              (i)

            	
              the
                Company may, subject to the provisions of the Act and sub-paragraph
                (ii)
                below, redeem on any Redemption Date (as hereinafter defined) all,
                but not
                merely some, of the Sterling Preference Shares of such series by
                giving to
                the holders of the Sterling Preference Shares to be redeemed not
                less than
                30 days’ nor more than 60 days’ prior notice in writing (a “Notice of
                Redemption”) of the relevant Redemption Date. “Redemption Date” means, in
                relation to Sterling Preference Shares of a particular series, any
                date
                mentioned in any one of (A), (B) or (C) below, as determined by the
                Board
                prior to the first allotment of Sterling Preference Shares of that
                series:

            

    

     

    
      	 	
              (A)

            	
              any
                date which falls on or after the First Redemption Date (as hereinafter
                defined); or

            

    

     

    
      	 	
              (B)

            	
              the
                First Redemption Date or any subsequent Dividend Payment Date for
                Sterling
                Preference Shares of that series;
                or

            

    

     

    
      	 	
              (C)

            	
              the
                First Redemption Date or any successive fifth anniversary
                thereof.

            

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    “First
      Redemption Date” means:

     

    
      	 	
              (D)

            	
              in
                relation to any Sterling Preference Shares designated as “Series 1”, 30
                June 2015;

            

    

     

    
      	 	
              (E)

            	
              in
                relation to any other Sterling Preference Shares of a particular
                series,
                one day after such one of the following dates as shall be determined
                by
                the Board prior to the first allotment of Sterling Preference Shares
                of
                that series:

            

    

     

    (1) five
      years after the Relevant Date (as hereinafter defined);

     

    (2) ten
      years
      after the Relevant Date;

     

    (3) fifteen
      years after the Relevant Date;

     

    (4) twenty
      years after the Relevant Date;

     

    (5) thirty
      years after the Relevant Date.

     

    “Relevant
      Date” means, in relation to Sterling Preference Shares of a particular series,
      such one of the following dates as shall be determined by the Board prior to
      the
      first allotment of Sterling Preference Shares of that series:

     

    
      	 	
              (F)

            	
              the
                first date of allotment of Sterling Preference Shares of that series;
                or

            

    

     

    
      	 	
              (G)

            	
              the
                first Dividend Payment Date for Sterling Preference Shares of that
                series;

            

    

     

    
      	 	
              (ii)

            	
              if
                either of the restrictions in sub-paragraphs (4)(a)(i) and (4)(a)(ii)
                of
                this Article applies to any dividend otherwise payable on any Redemption
                Date on the Sterling Preference Shares of that series, the Company
                may not
                redeem such Sterling Preference Shares on that Redemption
                Date;

            

    

     

    
      	 	
              (iii)

            	
              there
                shall be paid on each Sterling Preference Share so redeemed, in sterling,
                the aggregate of the nominal amount thereof and any premium credited
                as
                paid up on such share together with any dividend payable on the Redemption
                Date;

            

    

     

    
      	 	
              (iv)

            	
              any
                Notice of Redemption given under sub-paragraph (b)(i) above shall
                specify
                the applicable Redemption Date, the particular Sterling Preference
                Shares
                to be redeemed and the redemption price, and shall state the place
                or
                places at which documents of title or such other evidence as may
                be
                accepted by the Board in respect of such Sterling Preference Shares
                are to
                be presented and surrendered for redemption and payment of the redemption
                moneys is to be effected. Upon such Redemption Date, the Company
                shall
                redeem the particular Sterling Preference Shares to be redeemed on
                that
                date subject to the provisions of this paragraph and of the Act.
                No defect
                in the Notice of Redemption or in the giving thereof shall affect
                the
                validity of the redemption
                proceedings;

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (v)

            	
              payments
                in respect of the amount due on redemption of a Sterling Preference
                Share
                shall be made by sterling cheque drawn on a bank in London or upon
                the
                request of the holder or joint holders not later than the date specified
                for the purpose in the Notice of Redemption by transfer to a sterling
                account maintained by the payee with a bank in London or by such
                other
                method as the Board may determine. Such payment will be made against
                presentation and surrender of the relative certificate at the place
                or one
                of the places specified in the Notice of Redemption or against such
                other
                evidence as may be accepted by the
                Board.

            

    

     

    All
      payments in respect of redemption monies will in all respects be subject to
      any
      applicable fiscal or other laws;

     

    
      	 	
              (vi)

            	
              as
                from the relevant Redemption Date the dividend on the Sterling Preference
                Shares due for redemption shall cease to accrue except on any such
                Sterling Preference Shares in respect of which, upon due surrender
                of the
                certificate or other evidence aforesaid, payment of the redemption
                moneys
                due on such Redemption Date shall be improperly withheld or refused,
                in
                which case such dividend, at the rate then applicable, shall be deemed
                to
                have continued and shall accordingly continue to accrue from the
                relevant
                Redemption Date to the date of payment of such redemption moneys.
                Such
                Sterling Preference Shares shall not be treated as having been redeemed
                until the redemption moneys in question together with the accrued
                dividend
                thereon shall have been paid;

            

    

     

    
      	 	
              (vii)

            	
              if
                the due date for the payment of the redemption moneys on any Sterling
                Preference Share is not a day (other than a Saturday or Sunday) on
                which
                commercial banks and foreign exchange markets settle payments in
                sterling
                and are open for general business in London (a “Sterling Business Day”),
                then payment of such moneys will be made on the next succeeding day
                which
                is a Sterling Business Day and without any interest or other payment
                in
                respect of such delay; and

            

    

     

    
      	 	
              (viii)

            	
              the
                receipt of the holder for the time being of any Sterling Preference
                Shares
                (or, in the case of joint registered holders, the receipt of any
                one of
                them) for the moneys payable on redemption thereof shall constitute
                an
                absolute discharge to the Company in respect
                thereof.

            

    

     

    
      	
            	(c)	
              Upon
                the redemption or purchase of any Sterling Preference Shares the
                Board
                shall have power without any further resolution or consent to convert
                the
                authorised but unissued Sterling Preference Shares existing as a
                result of
                such redemption or purchase into shares of any other class of share
                capital into which the authorised share capital of the Company is
                or may
                be divided of the same nominal amount in sterling as the Sterling
                Preference Shares or into unclassified shares of the same nominal
                amount
                in sterling as the Sterling Preference
                Shares.

            

    

     

    
      	
            	(d)	
              Any
                Sterling Preference Shares redeemed pursuant to this paragraph (5)
                shall
                be cancelled on redemption.

            

    

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    Purchase

     

    
      	 	
              (6)

            	
              Subject
                to the provisions of the Act, the Company may at any time purchase
                any
                Sterling Preference Shares (i) in the market, (ii) by tender (available
                alike to all holders of the same class of Sterling Preference Shares)
                or
                (iii) by private treaty, in each case upon such terms as the Board
                shall
                determine.

            

    

     

    Consolidation
      and division

     

    
      	 	
              (7)

            	
              Pursuant
                to the authority given by the passing of the resolution adopting
                this
                Article the Board may consolidate and divide and/or sub-divide any
                Sterling Preference Shares into shares of a larger or smaller
                amount.

            

    

     

    Attendance
      and voting at general meetings

     

    
      	 	
              (8)

            	
                
                (a)

            	
              Save
                as provided by its terms of issue, no Sterling Preference Share shall
                carry any right to attend or vote at general meetings of the
                Company.

            

    

     

    
      	 	
              (b)

            	
              If
                so determined by the Board prior to allotment thereof, holders of
                Sterling
                Preference Shares of any series shall have the right to attend and
                vote at
                general meetings of the Company in the following
                circumstances:

            

    

     

    
      	 	
              (i)

            	
              if
                any dividend on any Sterling Preference Shares of that series in
                respect
                of such period as the Board shall determine prior to allotment thereof
                is
                not paid in full, the right to attend and vote at general meetings
                of the
                Company until such time as dividends on those Sterling Preference
                Shares
                in respect of such period as the Board shall determine prior to allotment
                thereof shall have been paid in full (or a sum shall have been paid
                or set
                aside to provide for such payment in
                full);

            

    

     

    
      	 	
              (ii)

            	
              in
                such other circumstances, and upon and subject to such terms, as
                the Board
                may determine prior to allotment of such Sterling Preference
                Shares.

            

    

     

    
      	
            	(c)	
              Whenever
                holders of Sterling Preference Shares are entitled to vote on a resolution
                at a general meeting, on a show of hands every such holder who is
                present
                in person shall have one vote and on a poll every such holder who
                is
                present in person or by proxy shall have one vote per Sterling Preference
                Share held by him or such number of votes per share as the Board
                shall
                determine prior to allotment of such
                share.

            

    

     

    
      	
            	(d)	
              Holders
                of Sterling Preference Shares having a registered address or address
                for
                correspondence within the United Kingdom shall have the right to
                have sent
                to them (at the same time as the same are sent to the holders of
                Ordinary
                Shares) all notices of general meetings of the Company and a copy
                of every
                circular or other like document sent out by the Company to the holders
                of
                Ordinary Shares.

            

    

     

    Further
      preference shares

     

    
      	 	
              (9)

            	
              The
                special rights attached to any Sterling Preference Shares of any
                series
                allotted or in issue shall not (unless otherwise provided by their
                terms
                of issue) be deemed to be varied by the creation or issue of any
                other
                preference shares or further shares in any currency (“new shares”) ranking
                as regards participation in the profits and assets of the Company
                pari
                passu with such Sterling Preference Shares and so that any new shares
                ranking pari passu with such Sterling Preference Shares may either
                carry
                rights and restrictions identical in all respects with such Sterling
                Preference Shares or any of them or rights and restrictions differing
                therefrom in any respect including but without prejudice to the generality
                of the foregoing in that:

            

    

     

    
      	 	
              (a)

            	
              the
                rate of and/or basis of calculation of dividend may differ and the
                dividend may be cumulative or
                non-cumulative;

            

    

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              the
                new shares or any series thereof may rank for dividend as from such
                date
                as may be provided by the terms of issue thereof and the dates of
                payment
                of dividend may differ;

            

    

     

    
      	 	
              (c)

            	
              a
                premium may be payable on return of capital or there may be no such
                premium;

            

    

     

    
      	 	
              (d)

            	
              the
                new shares may be redeemable at the option of the holder or of the
                Company, or may be non-redeemable, and if redeemable at the option
                of the
                Company they may be redeemable at different dates and on different
                terms
                from those applying to the Sterling Preference Shares;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                new shares may be convertible into Ordinary Shares or any other class
                of
                shares ranking as regards participation in the profits and assets
                of the
                Company pari passu with or after such Sterling Preference Shares
                in each
                case on such terms and conditions as may be prescribed by the terms
                of
                issue thereof.

            

    

     

    Variation
      of class rights

     

    
      	
            	(10)(a)	
              Subject
                to the provisions of the Act:

            

    

     

    
      	 	
              (i)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to the Sterling Preference Shares may
                from
                time to time (whether or not the Company is being wound up) be varied
                or
                abrogated with the consent in writing of the holders of not less
                than
                three-quarters in nominal value of the Sterling Preference Shares
                of all
                series in issue or with the sanction of an extraordinary resolution
                passed
                at a separate general meeting of the holders of the Sterling Preference
                Shares, voting as a single class without regard for series;
                and

            

    

     

    
      	 	
              (ii)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to Sterling Preference Shares of any
                series
                may be varied or abrogated so as to affect adversely such rights
                on a
                basis different from any other series of Sterling Preference Shares
                with
                the consent in writing of the holders of not less than three-quarters
                in
                nominal value of the Sterling Preference Shares of such series or
                with the
                sanction of an extraordinary resolution passed at a separate general
                meeting of the holders of Sterling Preference Shares of such
                series.

            

    

     

    All
      the
      provisions of these Articles as to general meetings of the Company shall mutatis
      mutandis apply to any such separate general meeting, but so that the necessary
      quorum shall be two persons holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class, that every holder of shares
      of the class shall be entitled on a poll to one vote for every share of the
      class held by him, that any holder of shares of the class present in person
      or
      by proxy may demand a poll and that at any adjourned meeting of the holders
      one
      holder present in person or by proxy (whatever the number of shares held by
      him)
      shall be a quorum.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Unless
                otherwise provided by its terms of issue, the rights attached to
                any
                Sterling Preference Share shall not be deemed to be varied or abrogated
                by
                a reduction of any share capital or purchase by the Company or redemption
                of any share capital in each case ranking as regards participation
                in the
                profits and assets of the Company in priority to or pari passu with
                or
                after such Sterling Preference
                Share.

            

    

     

    
      	
            	5A	
              Rights
                of the Dollar Preference Shares

            

    

     

    
      	 	
              5A.1

            	
              The
                following rights and restrictions shall be attached to the Dollar
                Preference Shares:

            

    

     

    
      	 	
              (1)

            	
              The
                Dollar Preference Shares shall rank pari passu inter se and with
                the
                Sterling Preference Shares and the Euro Preference Shares and with
                all
                other shares expressed to rank pari passu therewith. They shall confer
                the
                rights and be subject to the limitations set out in this Article.
                They
                shall also confer such further rights (not being inconsistent with
                the
                rights set out in this Article) and be subject to such further limitations
                and restrictions as may be attached by the Board to such shares prior
                to
                allotment. Whenever the Board has power under this Article to determine
                any of the rights attached to any of the Dollar Preference Shares,
                the
                rights so determined need not be the same as those attached to the
                Dollar
                Preference Shares which have then been allotted or issued. The Dollar
                Preference Shares may be issued in one or more separate series and
                each
                series shall be identified in such manner as the Board may determine
                without any such determination or identification requiring any alteration
                to these Articles.

            

    

     

    
      	 	
              (2)

            	
              Each
                Dollar Preference Share shall confer the following rights as to dividend
                and capital:

            

    

     

    Income

     

    
      	 	
              (a)

            	
              the
                right (subject to the provisions of paragraph (4) of this Article,
                if
                applicable) in priority to the payment of any dividend to the holders
                of
                Ordinary Shares and any other class of shares of the Company in issue
                (other than (i) the Sterling Preference Shares, the Euro Preference
                Shares
                and any other shares expressed to rank pari passu therewith as regards
                income and (ii) any shares which by their terms rank in priority
                to the
                Dollar Preference Shares as regards income) to a non-cumulative
                preferential dividend in US dollars payable at such rate (whether
                fixed,
                variable or floating or to be determined by a specified procedure,
                mechanism or formula) on such dates (each a “Dividend Payment Date”) and
                on such other terms and conditions as may be determined by the Board
                prior
                to allotment thereof;

            

    

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    Capital

     

    
      	 	
              (b)

            	
              the
                right in a winding up of the Company (but not, unless otherwise provided
                by the terms of issue of such share, upon a redemption, reduction
                or
                purchase by the Company of any of its share capital) to receive in
                US
                dollars out of the assets of the Company available for distribution
                to its
                members in priority to any payment to the holders of the Ordinary
                Shares
                and any other class of shares of the Company in issue (other than
                (i) the
                Sterling Preference Shares, the Euro Preference Shares and any other
                shares expressed to rank pari passu therewith as regards repayment
                of
                capital and (ii) any shares which by their terms rank in priority
                to the
                Dollar Preference Shares as regards repayment of
                capital):

            

    

     

    
      	
            	(i)	
              a
                sum equal to:

            

    

     

    
      	 	
              (A)

            	
              the
                amount of any dividend which is due for payment after the date of
                commencement of the winding up but which is payable in respect of
                a period
                ending on or before such date; and

            

    

     

    
      	 	
              (B)

            	
              if
                the date of commencement of the winding up falls before the last
                day of a
                period in respect of which a dividend would have been payable and
                which
                began before such date, any further amount of dividend which would
                have
                been payable had the day before such date been the last day of that
                period

            

    

     

    but
      only
      to the extent that any such amount or further amount was, or would have been,
      payable as a dividend in accordance with or pursuant to this Article;
      and

     

    
      	 	
              (ii)

            	
              subject
                thereto, a sum equal to the amount paid up or credited as paid up
                on such
                share together with such premium (if any) as may be determined by
                the
                Board (or by a procedure, mechanism or formula determined by the
                Board)
                prior to allotment thereof (and so that the Board may determine that
                such
                premium is payable only in specified
                circumstances).

            

    

     

    Limitations

     

    
      	
            	(3)	
              No
                Dollar Preference Share shall;

            

    

     

    
      	 	
              (a)

            	
              confer
                any right to participate in the profits or assets of the Company
                other
                than that set out in sub-paragraphs (2)(a) and (b) of this
                Article;

            

    

     

    
      	 	
              (b)

            	
              subject
                to the Act, confer any right to participate in any offer or invitation
                by
                way of rights or otherwise to subscribe for additional shares or
                securities in the Company;

            

    

     

    
      	 	
              (c)

            	
              confer
                any right of conversion; or

            

    

     

    
      	 	
              (d)

            	
              confer
                any right to participate in any issue of bonus shares or shares issued
                by
                way of capitalisation of reserves.

            

    

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    Further
      provisions as to income

     

    
      	 	
              (4)

            	
              All
                or any of the following provisions shall apply in relation to any
                Dollar
                Preference Shares of any series (“relevant Dollar Preference Shares”) if
                so determined by the Board prior to allotment
                thereof:

            

    

     

    
      	 	
              (a)

            	
              (i)

            	
              if,
                on any Dividend Payment Date (“the relevant date”) on which a dividend
                (“the relevant dividend”) would otherwise fall to be paid on any relevant
                Dollar Preference Shares, the profits of the Company available for
                distribution are, in the opinion of the Board, insufficient to enable
                payment in full to be made of the relevant dividend, then the Board
                shall
                (after payment in full, or the setting aside of a sum required for
                payment
                in full, of all dividends payable on or before the relevant date
                on any
                shares in the capital of the Company in priority to the relevant
                Dollar
                Preference Shares) apply such profits, if any, in paying dividends
                to the
                holders of participating shares (as defined below) pro rata to the
                amounts
                of dividend on participating shares accrued and payable on or before
                the
                relevant date. For the purposes of this paragraph, the expression
                “participating shares” shall mean the relevant Dollar Preference Shares
                and any other shares in the capital of the Company which rank pari
                passu
                as to participation in profits with the relevant Dollar Preference
                Shares
                and on which either (1) a dividend is payable on the relevant date
                or (2)
                arrears of cumulative dividend are unpaid at the relevant
                date;

            

    

     

    
      	 	
              (ii)

            	
              if
                it shall subsequently appear that any such dividend which has been
                paid in
                whole or in part should not, in accordance with the provisions of
                this
                sub-paragraph, have been so paid, then provided the Board shall have
                acted
                in good faith, they shall not incur any liability for any loss which
                any
                shareholder may suffer in consequence of such payment having been
                made;

            

    

     

    
      	 	
              (b)

            	
              if
                the payment of any dividend on any relevant Dollar Preference Shares
                would
                breach or cause a breach of the capital adequacy requirements of
                the
                Financial Services Authority (or any successor organisation responsible
                for the supervision of banks in the United Kingdom) from time to
                time
                applicable to the Company and/or any of its subsidiaries, then none
                of
                such dividend shall be payable;

            

    

     

    
      	 	
              (c)

            	
              if
                a dividend or any part thereof on any relevant Dollar Preference
                Shares is
                not paid for the reasons specified in sub-paragraphs (a) or (b) above,
                the
                holders of such shares shall have no claim in respect of such
                non-payment;

            

    

     

    
      	 	
              (d)

            	
              if
                any dividend on any relevant Dollar Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, the Company may not thereafter purchase or redeem any other
                share
                capital of the Company ranking pari passu with or after the relevant
                Dollar Preference Shares (and may not contribute any moneys to a
                sinking
                fund for any such purchase or redemption) until such time as dividends
                on
                the relevant Dollar Preference Shares in respect of such period as
                the
                Board shall determine prior to allotment thereof shall have been
                paid in
                full (or an amount equivalent thereto shall have been paid or set
                aside to
                provide for such payment in full);

            

    

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              if
                any dividend on any relevant Dollar Preference Shares in respect
                of such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, no dividend or other distribution may thereafter be declared
                or
                paid on any other share capital of the Company ranking as to dividend
                after the relevant Dollar Preference Shares until such time as dividends
                on the relevant Dollar Preference Shares in respect of such period
                as the
                Board shall determine prior to allotment thereof shall have been
                paid in
                full (or a sum shall have been paid or set aside to provide for such
                payment in full).

            

    

     

    Redemption

     

    
      	 	
              (5)

            	
              (a)

            	
              Unless
                otherwise determined by the Board in relation to Dollar Preference
                Shares
                of any series prior to allotment thereof, the Dollar Preference Shares
                shall, subject to the provisions of the Act, be redeemable at the
                option
                of the Company.

            

    

     

    
      	 	
              (b)

            	
              In
                the case of any series of Dollar Preference Shares which are to be
                so
                redeemable:

            

    

     

    
      	 	
              (i)

            	
              the
                Company may, subject to the provisions of the Act, and sub-paragraph
                (ii)
                below, redeem on any Redemption Date (as hereinafter defined) all,
                but not
                merely some, of the Dollar Preference Shares of such series by giving
                to
                the holders of the Dollar Preference Shares to be redeemed not less
                than
                30 days’ nor more than 60 days’ prior notice in writing (a “Notice of
                Redemption”) of the relevant Redemption Date. “Redemption Date” means, in
                relation to Dollar Preference Shares of a particular series, any
                date
                mentioned in any one of (A), (B) or (C) below, as determined by the
                Board
                prior to the first allotment of Dollar Preference Shares of that
                series:

            

    

     

    
      	 	
              (A)

            	
              any
                date which falls on or after the First Redemption Date (as hereinafter
                defined); or

            

    

     

    
      	 	
              (B)

            	
              the
                First Redemption Date or any subsequent Dividend Payment Date for
                Dollar
                Preference Shares of that series;
                or

            

    

     

    
      	 	
              (C)

            	
              the
                First Redemption Date or any successive fifth anniversary
                thereof.

            

    

     

    “First
      Redemption Date” means:

     

    
      	 	
              (D)

            	
              in
                relation to any relevant Dollar Preference Shares designated
                as:

            

    

     

    (1) “Series
      1”, 30 June 2010;

     

    (2) “Series
      2”, 30 June 2030;

     

    (3)
       “Series
      3”, 27 June 2013.

    
       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              (E)

            	
              in
                relation to any other Dollar Preference Shares of a particular series,
                one
                day after such one of the following dates as shall be determined
                by the
                Board prior to the first allotment of Dollar Preference Shares of
                that
                series:

            

    

     

    
      	 	
              (1)

            	
              five
                years after the Relevant Date (as hereinafter
                defined);

            

    

     

    
      	 	
              (2)

            	
              ten
                years after the Relevant Date;

            

    

     

    
      	 	
              (3)

            	
              fifteen
                years after the Relevant Date;

            

    

     

    
      	 	
              (4)

            	
              twenty
                years after the Relevant Date;

            

    

     

    
      	 	
              (5)

            	
              thirty
                years after the Relevant Date.

            

    

     

    “Relevant
      Date” means, in relation to Dollar Preference Shares of a particular series,
      such one of the following dates as shall be determined by the Board prior to
      the
      first allotment of Dollar Preference Shares of that series:

     

    
      	 	
              (F)

            	
              the
                first date of allotment of Dollar Preference Shares of that series;
                or

            

    

     

    
      	 	
              (G)

            	
              the
                first Dividend Payment Date for Dollar Preference Shares of that
                series;

            

    

     

    
      	 	
              (ii)

            	
              if
                either of the restrictions in sub-paragraphs (4)(a)(i) and (4)(a)(ii)
                of
                this Article applies to any dividend otherwise payable on any Redemption
                Date on the Dollar Preference Shares of that series, the Company
                may not
                redeem such Dollar Preference Shares on that Redemption
                Date;

            

    

     

    
      	 	
              (iii)

            	
              there
                shall be paid on each Dollar Preference Share so redeemed, in US
                dollars,
                the aggregate of the nominal amount thereof and any premium credited
                as
                paid up on such share together with any dividend payable on the Redemption
                Date;

            

    

     

    
      	 	
              (iv)

            	
              any
                Notice of Redemption given under sub-paragraph (b)(i) above shall
                specify
                the applicable Redemption Date, the particular Dollar Preference
                Shares to
                be redeemed and the redemption price, and shall state the place or
                places
                at which documents of title or such other evidence as may be accepted
                by
                the Board in respect of such Dollar Preference Shares are to be presented
                and surrendered for redemption and payment of the redemption moneys
                is to
                be effected. Upon such Redemption Date, the Company shall redeem
                the
                particular Dollar Preference Shares to be redeemed on that date subject
                to
                the provisions of this paragraph and of the Act. No defect in the
                Notice
                of Redemption or in the giving thereof shall affect the validity
                of the
                redemption proceedings;

            

    

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (v)

            	
              payments
                in respect of the amount due on redemption of a Dollar Preference
                Share
                shall be made by US Dollar cheque drawn on a bank in New York City
                or upon
                the request of the holder or joint holders not later than the date
                specified for the purpose in the Notice of Redemption by transfer
                to a US
                dollar account maintained by the payee with a bank in New York City
                or by
                such other method as the Board may determine. Such payment will be
                made
                against presentation and surrender of the relative certificate at
                the
                place or one of the places specified in the Notice of Redemption
                or
                against such other evidence as may be accepted by the
                Board.

            

    

     

    All
      payments in respect of redemption moneys will in all respects be subject to
      any
      applicable fiscal or other laws;

     

    
      	 	
              (vi)

            	
              as
                from the relevant Redemption Date the dividend on the Dollar Preference
                Shares due for redemption shall cease to accrue except on any such
                Dollar
                Preference Shares in respect of which, upon due surrender of the
                certificate or other evidence aforesaid, payment of the redemption
                moneys
                due on such Redemption Date shall be improperly withheld or refused,
                in
                which case such dividend, at the rate then applicable, shall be deemed
                to
                have continued and shall accordingly continue to accrue from the
                relevant
                Redemption Date to the date of payment of such redemption moneys.
                Such
                Dollar Preference Shares shall not be treated as having been redeemed
                until the redemption moneys in question together with the accrued
                dividend
                thereon shall have been paid;

            

    

     

    
      	 	
              (vii)

            	
              if
                the due date for the payment of the redemption moneys on any Dollar
                Preference Share is not a day (other than a Saturday or Sunday) on
                which
                commercial banks and foreign exchange markets settle payments in
                US
                dollars and are open for general business in London and New York
                City (a
                “Dollar Business Day”), then payment of such moneys will be made on the
                next succeeding day which is a Dollar Business Day and without any
                interest or other payment in respect of such delay;
                and

            

    

     

    
      	 	
              (viii)

            	
              the
                receipt of the holder for the time being of any Dollar Preference
                Shares
                (or, in the case of joint registered holders, the receipt of any
                one of
                them) for the moneys payable on redemption thereof shall constitute
                an
                absolute discharge to the Company in respect
                thereof.

            

    

     

    
      	 	
              (c)

            	
              Upon
                the redemption or purchase of any Dollar Preference Shares the Board
                shall
                have power without any further resolution or consent to convert the
                authorised but unissued Dollar Preference Shares existing as a result
                of
                such redemption or purchase into shares of any other class of share
                capital into which the authorised share capital of the Company is
                or may
                be divided of the same nominal amount in US dollars as the Dollar
                Preference Shares or into unclassified shares of the same nominal
                amount
                in US dollars as the Dollar Preference
                Shares.

            

    

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              Any
                Dollar Preference Shares redeemed pursuant to this paragraph (5)
                shall be
                cancelled on redemption.

            

    

     

    Purchase

     

    
      	 	
              (6)

            	
              Subject
                to the provisions of the Act, the Company may at any time purchase
                any
                Dollar Preference Shares (i) in the market, (ii) by tender (available
                alike to all holders of the same class of Dollar Preference Shares)
                or
                (iii) by private treaty, in each case upon such terms as the Board
                shall
                determine.

            

    

     

    Consolidation
      and division

     

    
      	 	
              (7)

            	
              Pursuant
                to the authority given by the passing of the resolution adopting
                this
                Article the Board may consolidate and divide and/or sub-divide any
                Dollar
                Preference Shares into shares of a larger or smaller
                amount.

            

    

     

    Attendance
      and voting at general meetings

     

    
      	 	
              (8)

            	
              (a)

            	
              Save
                as provided by its terms of issue, no Dollar Preference Share shall
                carry
                any right to attend or vote at general meetings of the
                Company.

            

    

     

    
      	 	
              (b)

            	
              If
                so determined by the Board prior to allotment thereof, holders of
                Dollar
                Preference Shares of any series shall have the right to attend and
                vote at
                general meetings of the Company in the following
                circumstances:

            

    

     

    
      	 	
              (i)

            	
              if
                any dividend on any Dollar Preference Shares of that series in respect
                of
                such period as the Board shall determine prior to allotment thereof
                is not
                paid in full, the right to attend and vote at general meetings of
                the
                Company until such time as dividends on those Dollar Preference Shares
                in
                respect of such period as the Board shall determine prior to allotment
                thereof shall have been paid in full (or a sum shall have been paid
                or set
                aside to provide for such payment in
                full);

            

    

     

    
      	 	
              (ii)

            	
              in
                such other circumstances, and upon and subject to such terms, as
                the Board
                may determine prior to allotment of such Dollar Preference
                Shares.

            

    

     

    
      	 	
              (c)

            	
              Whenever
                holders of Dollar Preference Shares are entitled to vote on a resolution
                at a general meeting, on a show of hands every such holder who is
                present
                in person shall have one vote and on a poll every such holder who
                is
                present in person or by proxy shall have one vote per Dollar Preference
                Share held by him or such number of votes per share as the Board
                shall
                determine prior to allotment of such
                share.

            

    

     

    
      	 	
              (d)

            	
              Holders
                of Dollar Preference Shares having a registered address or address
                for
                correspondence within the United Kingdom shall have the right to
                have sent
                to them (at the same time as the same are sent to the holders of
                Ordinary
                Shares) all notices of general meetings of the Company and a copy
                of every
                circular or other like document sent out by the Company to the holders
                of
                Ordinary Shares.

            

    

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    Further
      preference shares

     

    
      	 	
              (9)

            	
              The
                special rights attached to any Dollar Preference Shares of any series
                allotted or in issue shall not (unless otherwise provided by their
                terms
                of issue) be deemed to be varied by the creation or issue of any
                other
                preference shares or further shares in any currency (“new shares”) ranking
                as regards participation in the profits and assets of the Company
                pari
                passu with such Dollar Preference Shares and so that any new shares
                ranking pari passu with such Dollar Preference Shares may either
                carry
                rights and restrictions identical in all respects with such Dollar
                Preference Shares or any of them or rights and restrictions differing
                therefrom in any respect including but without prejudice to the generality
                of the foregoing in that:

            

    

     

    
      	 	
              (a)

            	
              the
                rate of and/or basis of calculation of dividend may differ and the
                dividend may be cumulative or
                non-cumulative;

            

    

     

    
      	 	
              (b)

            	
              the
                new shares or any series thereof may rank for dividend as from such
                date
                as may be provided by the terms of issue thereof and the dates of
                payment
                of dividend may differ;

            

    

     

    
      	 	
              (c)

            	
              a
                premium may be payable on return of capital or there may be no such
                premium;

            

    

     

    
      	 	
              (d)

            	
              the
                new shares may be redeemable at the option of the holder or of the
                Company, or may be non-redeemable, and if redeemable at the option
                of the
                Company they may be redeemable at different dates and on different
                terms
                from those applying to the Dollar Preference Shares;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                new shares may be convertible into Ordinary Shares or any other class
                of
                shares ranking as regards participation in the profits and assets
                of the
                Company pari passu with or after such Dollar Preference Shares in
                each
                case on such terms and conditions as may be prescribed by the terms
                of
                issue thereof.

            

    

     

    Variation
      of class rights

     

    
      	
            	(10)
              (a)	
              Subject
                to the provisions of the Act:

            

    

     

    
      	 	
              (i)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to the Dollar Preference Shares may from
                time
                to time (whether or not the Company is being wound up) be varied
                or
                abrogated with the consent in writing of the holders of not less
                than
                three-quarters in nominal value of the Dollar Preference Shares of
                all
                series in issue or with the sanction of an extraordinary resolution
                passed
                at a separate general meeting of the holders of the Dollar Preference
                Shares, voting as a single class without regard for series;
                and

            

    

     

    
      	 	
              (ii)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to Dollar Preference Shares of any series
                may
                be varied or abrogated so as to affect adversely such rights on a
                basis
                different from any other series of Dollar Preference Shares with
                the
                consent in writing of the holders of not less than three-quarters
                in
                nominal value of the Dollar Preference Shares of such series or with
                the
                sanction of an extraordinary resolution passed at a separate general
                meeting of the holders of Dollar Preference Shares of such
                series.

            

    

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

       

    

    All
      the
      provisions of these Articles as to general meetings of the Company shall mutatis
      mutandis apply to any such separate general meeting, but so that the necessary
      quorum shall be two persons holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class, that every holder of shares
      of the class shall be entitled on a poll to one vote for every share of the
      class held by him, that any holder of shares of the class present in person
      or
      by proxy may demand a poll and that at any adjourned meeting of the holders
      one
      holder present in person or by proxy (whatever the number of shares held by
      him)
      shall be a quorum.

     

    
      	 	
              (b)

            	
              Unless
                otherwise provided by its terms of issue, the rights attached to
                any
                Dollar Preference Share shall not be deemed to be varied or abrogated
                by a
                reduction of any share capital or purchase by the Company or redemption
                of
                any share capital in each case ranking as regards participation in
                the
                profits and assets of the Company in priority to or pari passu with
                or
                after such Dollar Preference Share.

            

    

     

    
      	5B	
              Rights
                of the Euro Preference Shares

            

    

     

    
      	
              5B.1

            	
              The
                following rights and restrictions shall be attached to the Euro Preference
                Shares:

            

    

     

    
      	 	
              (1)

            	
              The
                Euro Preference Shares shall rank pari passu inter se and with the
                Dollar
                Preference Shares and the Sterling Preference Shares and with all
                other
                shares expressed to rank pari passu therewith. They shall confer
                the
                rights and be subject to the limitations set out in this Article.
                They
                shall also confer such further rights (not being inconsistent with
                the
                rights set out in this Article) and be subject to such further limitations
                and restrictions as may be attached by the Board to such shares prior
                to
                allotment. Whenever the Board has power under this Article to determine
                any of the rights attached to any of the Euro Preference Shares,
                the
                rights so determined need not be the same as those attached to the
                Euro
                Preference Shares which have then been allotted or issued. The Euro
                Preference Shares may be issued in one or more separate series and
                each
                series shall be identified in such manner as the Board may determine
                without any such determination or identification requiring any alteration
                to these Articles.

            

    

     

    
      	 	
              (2)

            	
              Each
                Euro Preference Share shall confer the following rights as to dividend
                and
                capital:

            

    

     

    Income

     

    
      	 	
              (a)

            	
              the
                right (subject to the provisions of paragraph (4) of this Article,
                if
                applicable) in priority to the payment of any dividend to the holders
                of
                Ordinary Shares and any other class of shares of the Company in issue
                (other than (i) the Dollar Preference Shares, the Sterling Preference
                Shares and any other shares expressed to rank pari passu therewith
                as
                regards income and (ii) any shares which by their terms rank in priority
                to the Euro Preference Shares as regards income) to a non-cumulative
                preferential dividend in euro payable at such rate (whether fixed,
                variable or floating or to be determined by a specified procedure,
                mechanism or formula) on such dates (each a “Dividend Payment Date”) and
                on such other terms and conditions as may be determined by the Board
                prior
                to allotment thereof;

            

    

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    Capital

     

    
      	 	
              (b)

            	
              the
                right in a winding up of the Company (but not, unless otherwise provided
                by the terms of issue of such share, upon a redemption, reduction
                or
                purchase by the Company of any of its share capital) to receive in
                euro
                out of the assets of the Company available for distribution to its
                members
                in priority to any payment to the holders of the Ordinary Shares
                and any
                other class of shares of the Company in issue (other than (i) the
                Dollar
                Preference Shares, the Sterling Preference Shares and any other shares
                expressed to rank pari passu therewith as regards repayment of capital
                and
                (ii) any shares which by their terms rank in priority to the Euro
                Preference Shares as regards repayment of
                capital):

            

    

     

    
      	
            	(i)	
              a
                sum equal to:

            

    

     

    
      	 	
              (A)

            	
              the
                amount of any dividend which is due for payment after the date of
                commencement of the winding up but which is payable in respect of
                a period
                ending on or before such date; and

            

    

     

    
      	 	
              (B)

            	
              if
                the date of commencement of the winding up falls before the last
                day of a
                period in respect of which a dividend would have been payable and
                which
                began before such date, any further amount of dividend which would
                have
                been payable had the day before such date been the last day of that
                period

            

    

     

    but
      only
      to the extent that any such amount or further amount was, or would have been,
      payable as a dividend in accordance with or pursuant to this Article;
      and

     

    
      	 	
              (ii)

            	
              subject
                thereto, a sum equal to the amount paid up or credited as paid up
                on such
                share together with such premium (if any) as may be determined by
                the
                Board (or by a procedure, mechanism or formula determined by the
                Board)
                prior to allotment thereof (and so that the Board may determine that
                such
                premium is payable only in specified
                circumstances).

            

    

     

    Limitations

     

    
      	
            	(3)	
              No
                Euro Preference Share shall;

            

    

     

    
      	 	
              (a)

            	
              confer
                any right to participate in the profits or assets of the Company
                other
                than that set out in sub-paragraphs (2)(a) and (b) of this
                Article;

            

    

     

    
      	 	
              (b)

            	
              subject
                to the Act, confer any right to participate in any offer or invitation
                by
                way of rights or otherwise to subscribe for additional shares or
                securities in the Company;

            

    

     

    
      	 	
              (c)

            	
              confer
                any right of conversion; or

            

    

     

    
      	 	
              (d)

            	
              confer
                any right to participate in any issue of bonus shares or shares issued
                by
                way of capitalisation of reserves.

            

    

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    Further
      provisions as to income

     

    
      	 	
              (4)

            	
              All
                or any of the following provisions shall apply in relation to any
                Euro
                Preference Shares of any series (“relevant Euro Preference Shares”) if so
                determined by the Board prior to allotment
                thereof;

            

    

     

    
      	 	
              (a)

            	
              (i)

            	
              if,
                on any Dividend Payment Date (“the relevant date”) on which a dividend
                (“the relevant dividend”) would otherwise fall to be paid on any relevant
                Euro Preference Shares, the profits of the Company available for
                distribution are, in the opinion of the Board, insufficient to enable
                payment in full to be made of the relevant dividend, then the Board
                shall
                (after payment in full, or the setting aside of a sum required for
                payment
                in full, of all dividends payable on or before the relevant date
                on any
                shares in the capital of the Company in priority to the relevant
                Euro
                Preference Shares) apply such profits, if any, in paying dividends
                to the
                holders of participating shares (as defined below) pro rata to the
                amounts
                of dividend on participating shares accrued and payable on or before
                the
                relevant date. For the purposes of this paragraph, the expression
                “participating shares” shall mean the relevant Euro Preference Shares and
                any other shares in the capital of the Company which rank pari passu
                as to
                participation in profits with the relevant Euro Preference Shares
                and on
                which either (1) a dividend is payable on the relevant date or (2)
                arrears
                of cumulative dividend are unpaid at the relevant
                date;

            

    

     

    
      	 	
              (ii)

            	
              if
                it shall subsequently appear that any such dividend which has been
                paid in
                whole or in part should not, in accordance with the provisions of
                this
                sub-paragraph, have been so paid, then provided the Board shall have
                acted
                in good faith, they shall not incur any liability for any loss which
                any
                shareholder may suffer in consequence of such payment having been
                made;

            

    

     

    
      	 	
              (b)

            	
              if
                the payment of any dividend on any relevant Euro Preference Shares
                would
                breach or cause a breach of the capital adequacy requirements of
                the
                Financial Services Authority (or any successor organisation responsible
                for the supervision of banks in the United Kingdom) from time to
                time
                applicable to the Company and/or any of its subsidiaries, then none
                of
                such dividend shall be payable;

            

    

     

    
      	 	
              (c)

            	
              if
                a dividend or any part thereof on any relevant Euro Preference Shares
                is
                not paid for the reasons specified in sub-paragraphs (a) or (b) above,
                the
                holders of such shares shall have no claim in respect of such
                non-payment;

            

    

     

    
      	 	
              (d)

            	
              if
                any dividend on any relevant Euro Preference Shares in respect of
                such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, the Company may not thereafter purchase or redeem any other
                share
                capital of the Company ranking pari passu with or after the relevant
                Euro
                Preference Shares (and may not contribute any moneys to a sinking
                fund for
                any such purchase or redemption) until such time as dividends on
                the
                relevant Euro Preference Shares in respect of such period as the
                Board
                shall determine prior to allotment thereof shall have been paid in
                full
                (or an amount equivalent thereto shall have been paid or set aside
                to
                provide for such payment in full);

            

    

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              if
                any dividend on any relevant Euro Preference Shares in respect of
                such
                period as the Board shall determine prior to allotment thereof is
                not paid
                in full, no dividend or other distribution may thereafter be declared
                or
                paid on any other share capital of the Company ranking as to dividend
                after the relevant Euro Preference Shares until such time as dividends
                on
                the relevant Euro Preference Shares in respect of such period as
                the Board
                shall determine prior to allotment thereof shall have been paid in
                full
                (or a sum shall have been paid or set aside to provide for such payment
                in
                full).

            

    

     

    Redemption

     

    
      	 	
              (5)

            	
              (a)

            	
              Unless
                otherwise determined by the Board in relation to Euro Preference
                Shares of
                any series prior to allotment thereof, the Euro Preference Shares
                shall,
                subject to the provisions of the Act, be redeemable at the option
                of the
                Company.

            

    

     

    
      	 	
              (b)

            	
              In
                the case of any series of Euro Preference Shares which are to be
                so
                redeemable:

            

    

     

    
      	 	
              (i)

            	
              the
                Company may, subject to the provisions of the Act and sub-paragraph
                (ii)
                below, redeem on any Redemption Date (as hereinafter defined) all,
                but not
                merely some, of the Euro Preference Shares of such series by giving
                to the
                holders of the Euro Preference Shares to be redeemed not less than
                30
                days’ nor more than 60 days’ prior notice in writing (a “Notice of
                Redemption”) of the relevant Redemption Date. “Redemption Date” means, in
                relation to Euro Preference Shares of a particular series, any date
                mentioned in any one of (A), (B) or (C) below, as determined by the
                Board
                prior to the first allotment of Euro Preference Shares of that
                series:

            

    

     

    
      	 	
              (A)

            	
              any
                date which falls on or after the First Redemption Date (as hereinafter
                defined); or

            

    

     

    
      	 	
              (B)

            	
              the
                First Redemption Date or any subsequent Dividend Payment Date for
                Euro
                Preference Shares of that series;
                or

            

    

     

    
      	 	
              (C)

            	
              the
                First Redemption Date or any successive fifth anniversary
                thereof.

            

    

     

    “First
      Redemption Date” means:

     

    
      	 	
              (D)

            	
              in
                relation to any Euro Preference Shares designated
                as:

            

    

     

    
      	
            	(1)	
              “Series
                1”, 30 June 2012;

            

    

     

    
      	
            	(2)	
              “Series
                2”, 24 March 2014;

            

    

     

    
      	 	
              (3)

            	
              “Series
                3”, 29 March 2016.

            

    

     

    
      	 	
              (E)

            	
              in
                relation to any other Euro Preference Shares of a particular series,
                one
                day after such one of the following dates as shall be determined
                by the
                Board prior to the first allotment of Euro Preference Shares of that
                series:

            

    

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    

      
        	
              	(1)	
                five
                  years after the Relevant Date (as hereinafter
                  defined);

              

      

    

     

    
      	 	
              (2)

            	
              ten
                years after the Relevant Date;

            

    

     

    
      	 	
              (3)

            	
              fifteen
                years after the Relevant Date;

            

    

     

    
      	 	
              (4)

            	
              twenty
                years after the Relevant Date;

            

    

     

    
      	 	
              (5)

            	
              thirty
                years after the Relevant Date.

            

    

     

    “Relevant
      Date” means, in relation to Euro Preference Shares of a particular series, such
      one of the following dates as shall be determined by the Board prior to the
      first allotment of Euro Preference Shares of that series:

     

    
      	 	
              (F)

            	
              the
                first date of allotment of Euro Preference Shares of that series;
                or

            

    

     

    
      	 	
              (G)

            	
              the
                first Dividend Payment Date for Euro Preference Shares of that
                series;

            

    

     

    
      	 	
              (ii)

            	
              if
                either of the restrictions in sub-paragraphs (4)(a)(i) and (4)(a)(ii)
                of
                this Article applies to any dividend otherwise payable on any Redemption
                Date on the Euro Preference Shares of that series, the Company may
                not
                redeem such Euro Preference Shares on that Redemption
                Date;

            

    

     

    
      	 	
              (iii)

            	
              there
                shall be paid on each Euro Preference Share so redeemed, in euro,
                the
                aggregate of the nominal amount thereof and any premium credited
                as paid
                up on such share together with any dividend payable on the Redemption
                Date;

            

    

     

    
      	 	
              (iv)

            	
              any
                Notice of Redemption given under sub-paragraph (b)(i) above shall
                specify
                the applicable Redemption Date, the particular Euro Preference Shares
                to
                be redeemed and the redemption price, and shall state the place or
                places
                at which documents of title or such other evidence as may be accepted
                by
                the Board in respect of such Euro Preference Shares are to be presented
                and surrendered for redemption and payment of the redemption moneys
                is to
                be effected. Upon such Redemption Date, the Company shall redeem
                the
                particular Euro Preference Shares to be redeemed on that date subject
                to
                the provisions of this paragraph and of the Act. No defect in the
                Notice
                of Redemption or in the giving thereof shall affect the validity
                of the
                redemption proceedings;

            

    

     

    
      	 	
              (v)

            	
              payments
                in respect of the amount due on redemption of a Euro Preference Share
                shall be made by euro cheque drawn on a bank in a member state of
                the
                European Union (or such other country participating in European Monetary
                Union from time to time) or upon the request of the holder or joint
                holders not later than the date specified for the purpose in the
                Notice of
                Redemption by transfer to a euro account maintained by the payee
                with a
                bank in a member state of the European Union (or such other country
                participating in European Monetary Union from time to time) or by
                such
                other method as the Board may determine. Such payment will be made
                against
                presentation and surrender of the relative certificate at the place
                or one
                of the places specified in the Notice of Redemption or against such
                other
                evidence as may be accepted by the
                Board.

            

    

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    All
      payments in respect of redemption moneys will in all respects be subject to
      any
      applicable fiscal or other laws;

     

    
      	 	
              (vi)

            	
              as
                from the relevant Redemption Date the dividend on the Euro Preference
                Shares due for redemption shall cease to accrue except on any such
                Euro
                Preference Shares in respect of which, upon due surrender of the
                certificate or other evidence aforesaid, payment of the redemption
                moneys
                due on such Redemption Date shall be improperly withheld or refused,
                in
                which case such dividend, at the rate then applicable, shall be deemed
                to
                have continued and shall accordingly continue to accrue from the
                relevant
                Redemption Date to the date of payment of such redemption moneys.
                Such
                Euro Preference Shares shall not be treated as having been redeemed
                until
                the redemption moneys in question together with the accrued dividend
                thereon shall have been paid;

            

    

     

    
      	 	
              (vii)

            	
              if
                the due date for the payment of the redemption moneys on any Euro
                Preference Share is not a day on which the Trans-European Automated
                Real-Time Gross Settlement Express Transfer (TARGET) System (or any
                successor system) is open (a “Euro Business Day”), then payment of such
                moneys will be made on the next succeeding day which is a Euro Business
                Day and without any interest or other payment in respect of such
                delay;
                and

            

    

     

    
      	 	
              (viii)

            	
              the
                receipt of the holder for the time being of any Euro Preference Shares
                (or, in the case of joint registered holders, the receipt of any
                one of
                them) for the moneys payable on redemption thereof shall constitute
                an
                absolute discharge to the Company in respect
                thereof.

            

    

     

    
      	 	
              (c)

            	
              Upon
                the redemption or purchase of any Euro Preference Shares the Board
                shall
                have power without any further resolution or consent to convert the
                authorised but unissued Euro Preference Shares existing as a result
                of
                such redemption or purchase into shares of any other class of share
                capital into which the authorised share capital of the Company is
                or may
                be divided of the same nominal amount in euro as the Euro Preference
                Shares or into unclassified shares of the same nominal amount in
                euro as
                the Euro Preference Shares.

            

    

     

    
      	 	
              (d)

            	
              Any
                Euro Preference Shares redeemed pursuant to this paragraph (5) shall
                be
                cancelled on redemption.

            

    

     

    Purchase

     

    
      	 	
              (6)

            	
              Subject
                to the provisions of the Act, the Company may at any time purchase
                any
                Euro Preference Shares (i) in the market, (ii) by tender (available
                alike
                to all holders of the same class of Euro Preference Shares) or (iii)
                by
                private treaty, in each case upon such terms as the Board shall
                determine.

            

    

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

       

    

    Consolidation
      and division

     

    
      	 	
              (7)

            	
              Pursuant
                to the authority given by the passing of the resolution adopting
                this
                Article the Board may consolidate and divide and/or sub-divide any
                Euro
                Preference Shares into shares of a larger or smaller
                amount.

            

    

     

    Attendance
      and voting at general meetings

     

    
      	 	
              (8)

            	
              (a)

            	
              Save
                as provided by its terms of issue, no Euro Preference Share shall
                carry
                any right to attend or vote at general meetings of the
                Company.

            

    

     

    
      	 	
              (b)

            	
              If
                so determined by the Board prior to allotment thereof, holders of
                Euro
                Preference Shares of any series shall have the right to attend and
                vote at
                general meetings of the Company in the following
                circumstances:

            

    

     

    
      	 	
              (i)

            	
              if
                any dividend on any Euro Preference Shares of that series in respect
                of
                such period as the Board shall determine prior to allotment thereof
                is not
                paid in full, the right to attend and vote at general meetings of
                the
                Company until such time as dividends on those Euro Preference Shares
                in
                respect of such period as the Board shall determine prior to allotment
                thereof shall have been paid in full (or a sum shall have been paid
                or set
                aside to provide for such payment in
                full);

            

    

     

    
      	 	
              (ii)

            	
              in
                such other circumstances, and upon and subject to such terms, as
                the Board
                may determine prior to allotment of such Euro Preference
                Shares.

            

    

     

    
      	 	
              (c)

            	
              Whenever
                holders of Euro Preference Shares are entitled to vote on a resolution
                at
                a general meeting, on a show of hands every such holder who is present
                in
                person shall have one vote and on a poll every such holder who is
                present
                in person or by proxy shall have one vote per Euro Preference Share
                held
                by him or such number of votes per share as the Board shall determine
                prior to allotment of such share.

            

    

     

    
      	 	
              (d)

            	
              Holders
                of Euro Preference Shares having a registered address or address
                for
                correspondence within the United Kingdom shall have the right to
                have sent
                to them (at the same time as the same are sent to the holders of
                Ordinary
                Shares) all notices of general meetings of the Company and a copy
                of every
                circular or other like document sent out by the Company to the holders
                of
                Ordinary Shares.

            

    

     

    Further
      preference shares

     

    
      	 	
              (9)

            	
              The
                special rights attached to any Euro Preference Shares of any series
                allotted or in issue shall not (unless otherwise provided by their
                terms
                of issue) be deemed to be varied by the creation or issue of any
                other
                preference shares or further shares in any currency (“new shares”) ranking
                as regards participation in the profits and assets of the Company
                pari
                passu with such Euro Preference Shares and so that any new shares
                ranking
                pari passu with such Euro Preference Shares may either carry rights
                and
                restrictions identical in all respects with such Euro Preference
                Shares or
                any of them or rights and restrictions differing therefrom in any
                respect
                including but without prejudice to the generality of the foregoing
                in
                that:

            

    

     

    
      	
               

            	
              (a)

            	
              the
                rate of and/or basis of calculation of dividend may differ and the
                dividend may be cumulative or
                non-cumulative;

            

    

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              the
                new shares or any series thereof may rank for dividend as from such
                date
                as may be provided by the terms of issue thereof and the dates of
                payment
                of dividend may differ;

            

    

     

    
      	 	
              (c)

            	
              a
                premium may be payable on return of capital or there may be no such
                premium;

            

    

     

    
      	 	
              (d)

            	
              the
                new shares may be redeemable at the option of the holder or of the
                Company, or may be non-redeemable, and if redeemable at the option
                of the
                Company they may be redeemable at different dates and on different
                terms
                from those applying to the Euro Preference Shares;
                and

            

    

     

    
      	 	
              (e)

            	
              the
                new shares may be convertible into Ordinary Shares or any other class
                of
                shares ranking as regards participation in the profits and assets
                of the
                Company pari passu with or after such Euro Preference Shares in each
                case
                on such terms and conditions as may be prescribed by the terms of
                issue
                thereof.

            

    

     

    Variation
      of class rights

     

    
      	 	
              (10)

            	
              (a)

            	
              Subject
                to the provisions of the Act:

            

    

     

    
      	 	
              (i)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to the Euro Preference Shares may from
                time to
                time (whether or not the Company is being wound up) be varied or
                abrogated
                with the consent in writing of the holders of not less than three-quarters
                in nominal value of the Euro Preference Shares of all series in issue
                or
                with the sanction of an extraordinary resolution passed at a separate
                general meeting of the holders of the Euro Preference Shares, voting
                as a
                single class without regard for series;
                and

            

    

     

    
      	 	
              (ii)

            	
              all
                or any of the rights, preferences, privileges, limitations or restrictions
                for the time being attached to Euro Preference Shares of any series
                may be
                varied or abrogated so as to affect adversely such rights on a basis
                different from any other series of Euro Preference Shares with the
                consent
                in writing of the holders of not less than three-quarters in nominal
                value
                of the Euro Preference Shares of such series or with the sanction
                of an
                extraordinary resolution passed at a separate general meeting of
                the
                holders of Euro Preference Shares of such
                series.

            

    

     

    All
      the
      provisions of these Articles as to general meetings of the Company shall mutatis
      mutandis apply to any such separate general meeting, but so that the necessary
      quorum shall be two persons holding or representing by proxy at least one-third
      in nominal value of the issued shares of the class, that every holder of shares
      of the class shall be entitled on a poll to one vote for every share of the
      class held by him, that any holder of shares of the class present in person
      or
      by proxy may demand a poll and that at any adjourned meeting of the holders
      one
      holder present in person or by proxy (whatever the number of shares held by
      him)
      shall be a quorum.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Unless
                otherwise provided by its terms of issue, the rights attached to
                any Euro
                Preference Share shall not be deemed to be varied or abrogated by
                a
                reduction of any share capital or purchase by the Company or redemption
                of
                any share capital in each case ranking as regards participation in
                the
                profits and assets of the Company in priority to or pari passu with
                or
                after such Euro Preference Share.

            

    

     

    
      	5C	
              Rights
                of the Non-voting Deferred Shares

            

    

    

    
      	
              5C.1

            	
              The
                following rights and restrictions shall be attached to the Non-voting
                Deferred Shares:

            

    

    

    
      	 	
              (1)

            	
              As
                regards income

            

    

    

    The
      holders of the Non-voting Deferred Shares shall not be entitled to receive
      any
      dividend out of the profits of the Company available for distribution and
      resolved to be distributed in respect of any financial year.

    

    
      	
            	(2)	
              As
                regards capital

            

    

    

    On
      a
      distribution of assets on a winding-up or other return of capital (otherwise
      than on conversion or redemption or purchase by the Company of any of its
      shares) the holders of the Non-voting Deferred Shares shall be entitled to
      receive the amount paid up on their shares after there shall have been
      distributed (in cash or specie) to the holders of the Ordinary Shares the amount
      of £10,000,000 in respect of each Ordinary Share held by them respectively. For
      this purpose distributions in currency other than sterling shall be treated
      as
      converted into sterling, and the value of any distribution in specie shall
      be
      ascertained in sterling, in each case in such manner as the Board or the Company
      in general meeting may approve. The Non-voting Deferred Shares shall not entitle
      the holders thereof to any further or other right of participation in the assets
      of the Company.

    

    
      	
            	(3)	
              As
                regards voting

            

    

    

    The
      holders of Non-voting Deferred Shares shall not be entitled to receive notice
      of
      or to attend (either personally or by proxy) any general meeting of the Company
      or to vote (either personally or by proxy) on any resolution to be proposed
      thereat.

    

    
      	
            	(4)	
              Variation

            

    

    

    The
      rights attached to the Non-voting Deferred Shares shall not be deemed to be
      varied or abrogated by the creation or issue of any new shares ranking in
      priority to or pari passu with or subsequent to such shares.

    

    
      	6	
              Allotment

            

    

    

    
      	
              6.1

            	
              Subject
                to the provisions of the Act and to any relevant authority of the
                Company
                in general meeting required by the Act, unissued shares of the Company
                at
                the date of adoption of these Articles and any shares hereafter created
                shall be at the disposal of the Board, which may allot (with or without
                conferring rights of renunciation), grant options over, offer or
                otherwise
                deal with or dispose of them or grant rights to subscribe for or
                convert
                any security into shares of the Company to such persons (including
                the
                Directors themselves), at such times and generally on such terms
                and
                conditions as the Board may decide, provided that no share shall
                be issued
                at a discount.

            

    

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    
      	
              6.2

            	
              (1)

            	
              This
                Article 6.2 applies to any rights issue of any New Securities (as
                hereinafter defined) or any invitation to subscribe for any such
                securities which the Company may make in favour of holders of Ordinary
                Shares.

            

    

    

    
      	 	
              (2)

            	
              Whenever
                this Article 6.2 applies, the Company shall subject to the following
                provisions of this Article 6.2 extend the same invitation to all
                holders
                of Ordinary Shares at the same price and on the same
                terms.

            

    

    

    
      	
            	(3)	
              Notwithstanding
                anything herein contained, whenever this Article 6.2
                applies:

            

    

    

    
      	 	
              (a)

            	
              the
                Board may make such exclusions or other arrangements as the Board
                may deem
                necessary or expedient in relation to fractional entitlements or
                having
                regard to any restrictions or obligations under the laws of or the
                requirements of any regulatory body or stock exchange in any territory
                or
                otherwise howsoever;

            

    

    

    
      	 	
              (b)

            	
              the
                Board may offer to holders of Ordinary Shares denominated in one
                currency
                Ordinary Shares denominated in the same or some other currency (or
                the
                right to subscribe for or to convert into or to exchange any securities
                for any such Ordinary Shares) and may give to any holders of Ordinary
                Shares a choice as to the currency in which the Ordinary Shares which
                they
                acquire (whether in pursuance of the rights issue or any such right
                as
                aforesaid) are denominated;

            

    

    

    
      	 	
              (c)

            	
              the
                Board may determine that the price per New Security may be converted
                into
                such currency or currencies at such rate or rates of exchange as
                the Board
                may in its absolute discretion determine and so that the invitation
                may be
                made to holders of Ordinary Shares in different currencies and so
                that
                such holders may be given the option of subscribing in one or more
                different currencies;

            

    

    

    
      	 	
              (d)

            	
              if
                the Board determines to exercise the powers conferred by paragraphs
                (b) or
                (c) above, it need not exercise such powers in the same manner or
                to the
                same extent in relation to all holders of Ordinary Shares but may
                exercise
                such powers in relation to such holders of Ordinary Shares and in
                such
                manner and to such extent as it shall in its absolute discretion
                think
                fit.

            

    

    

    
      	 	
              (4)

            	
              In
                this Article 6.2, "New Securities" means Ordinary Shares or any securities
                conferring the right to subscribe for or convert into or to exchange
                such
                security for Ordinary Shares.

            

    

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    

    
      	
              7

            	
              Redeemable
                shares

            

    

    

    
      	
              7.1

            	
              Subject
                to the provisions of the Act and to any special rights for the time
                being
                attached to any existing shares, any share may be issued which is,
                or at
                the option of the Company or of the holder of such share is liable,
                to be
                redeemed on such terms and in such manner as these Articles may
                provide.

            

    

    

    
      	
              8

            	
              Power
                to attach rights

            

    

    

    
      	
              8.1

            	
              Subject
                to the provisions of the Act and to any special rights for the time
                being
                attached to any existing shares, any shares may be allotted or issued
                with
                or have attached to them such preferred, deferred or other special
                rights
                or restrictions, whether in regard to dividend, voting, transfer,
                return
                of capital or otherwise, as the Company may from time to time by
                ordinary
                resolution determine or, if no such resolution has been passed or
                so far
                as the resolution does not make specific provision, as the Board
                may
                determine.

            

    

    

    
      	
              9
                

            	
              Stock
                and share warrants to bearer

            

    

    

    
      	
              9.1

            	
              The
                Company may issue, under the Seal, share warrants to bearer in respect
                of
                any fully paid shares in the Company, stating that the bearer is
                entitled
                to the shares represented thereby, and the Company may provide by
                coupons
                or otherwise for the payment of any future dividends on the shares
                so
                represented. Such powers shall be vested in the Board which may determine
                and from time to time vary the conditions upon which warrants shall
                be
                issued. Without prejudice to the generality of the foregoing, the
                Board
                may determine the conditions upon which any warrant or coupon shall
                be
                replaced, but so that, in the case of the loss of a warrant or coupon,
                no
                replacement warrant or coupon shall be issued unless the Board is
                satisfied beyond reasonable doubt that the original has been destroyed,
                and the Board may also determine the conditions upon which the bearer
                of a
                warrant shall be entitled to receive notice of, and to attend and
                vote and
                demand a poll at, general meetings of the Company and to join in
                requisitioning or convening general meetings, and upon which a warrant
                may
                be surrendered and the name of the bearer entered in the register
                in
                respect of the shares represented thereby. Subject to such conditions
                and
                to the provisions of these Articles and of the Act, the bearer of
                a
                warrant shall be deemed to be a member for all purposes. The bearer
                of a
                warrant shall hold the same subject to the conditions for the time
                being
                in force in regard to warrants for shares of the same class of shares
                to
                which the warrant relates and whether such conditions are determined
                by
                the Board before or after the issue of such
                warrant.

            

    

    

    
      	
              10

            	
              Commission
                and brokerage

            

    

    

    
      	
              10.1

            	
              The
                Company may in connection with the issue of any shares exercise all
                powers
                of paying commission and brokerage conferred or permitted by the
                Act.
                Subject to the provisions of the Act, any such commission or brokerage
                may
                be satisfied by the payment of cash, the allotment of fully or partly
                paid
                shares, the grant of an option to call for an allotment of shares
                or any
                combination of such methods.

            

    

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    

    
      	
              11

            	
              Trusts
                not to be recognised

            

    

    

    
      	
              11.1

            	
              Except
                as otherwise expressly provided by these Articles, as required by
                law or
                as ordered by a court of competent jurisdiction, the Company shall
                not
                recognise any person as holding any share on any trust, and (except
                as
                aforesaid) the Company shall not be bound by or recognise (even if
                having
                notice of it) any equitable, contingent, future, partial or other
                claim to
                or interest in any share except an absolute right of the holder to
                the
                whole of the share.

            

    

    

    SHARE
      CERTIFICATES

    

    
      	
              12

            	
              Right
                to certificates

            

    

    

    
      	
              12.1

            	
              On
                becoming the holder of any share every person (except a recognised
                person
                in respect of whom the Company is not by law required to complete
                and have
                ready for delivery a certificate) shall be entitled, without charge,
                to
                receive within two months after allotment or lodgment of a transfer
                (unless the terms of issue of the shares provide otherwise) one
                certificate for all the shares of each class registered in his name.
                Such
                certificate shall specify the number, class, and distinguishing numbers
                (if any) of the shares in respect of which it is issued and the amount
                or
                respective amounts paid up thereon.

            

    

    

    
      	
              12.2

            	
              [Deleted
                by Special Resolution passed on 28 May
                1999]

            

    

    

    
      	
              12.3

            	
              If
                and so long as all the issued shares of the Company or all the issued
                shares of a particular class are fully paid up and rank pari passu
                for all
                purposes, then none of those shares shall bear a distinguishing number.
                In
                all other cases each share shall bear a distinguishing
                number.

            

    

    

    
      	
              12.4

            	
              The
                Company shall not be bound to issue more than one certificate in
                respect
                of shares held jointly by two or more persons. Delivery of a certificate
                to the person first named on the register shall be sufficient delivery
                to
                all joint holders.

            

    

    

    
      	
              12.5

            	
              Where
                a member (other than a recognised person) has transferred part only
                of the
                shares comprised in a certificate, he shall be entitled without charge
                to
                a certificate for the balance of such
                shares.

            

    

    

    
      	
              12.6

            	
              No
                certificate shall be issued representing shares of more than one
                class, or
                in respect of shares held by a recognised
                person.

            

    

    

    
      	
              13

            	
              Replacement
                certificates

            

    

    

    
      	
              13.1

            	
              Any
                two or more certificates representing shares of any one class held
                by any
                member may at his request be cancelled and a single new certificate
                for
                such shares issued in lieu without charge on surrender of the original
                certificates for cancellation.

            

    

    

    
      	
              13.2

            	
              If
                any member shall surrender for cancellation a share certificate
                representing shares held by him and request the Company to issue
                in lieu
                two or more share certificates representing such shares in such
                proportions as he may specify, the Board may, if it thinks fit, comply
                with such request.

            

    

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

       

    

    
      	
              13.3

            	
              If
                any share certificate shall be defaced, worn out, destroyed or lost,
                it
                may be renewed on such terms as to provision of evidence and indemnity
                (with or without security) and without prejudice to the provisions
                of
                paragraph 13.5 below to payment of any exceptional 'out of pocket'
                expenses, including those incurred by the Company in investigating
                such
                evidence and preparing such indemnity and security, as the Board
                may
                decide, and on surrender of the original certificate (where it is
                defaced,
                damaged or worn out) but without further
                charge.

            

    

    

    
      	
              13.4

            	
              In
                the case of shares held jointly by several persons, any such request
                as is
                mentioned in this Article 13 may be made by any one of the joint
                holders.

            

    

    

    
      	
              13.5

            	
              If
                the Board so requires, a fee shall be paid in any jurisdiction in
                which
                all or any shares are for the time being listed or traded on a stock
                exchange in that jurisdiction before the issue of any new certificate,
                whether the same is issued as a result of a transfer or transmission
                of
                the shares to which it relates or the splitting up of an existing
                certificate provided always that such fee shall not exceed the maximum
                such fee prescribed or permitted from time to time by the relevant
                stock
                exchange or by a relevant regulatory body in that
                jurisdiction.

            

    

    

    LIEN
      ON
      SHARES

    

    
      	
              14

            	
              Lien
                on shares not fully paid

            

    

    

    
      	
              14.1

            	
              The
                Company shall have a first and paramount lien on any of its shares
                which
                are not fully paid, to the extent and in the circumstances permitted
                by
                section 150 of the Act. The Board may waive any lien which has arisen
                and
                may resolve that any share shall for some limited period be exempt
                wholly
                or partially from the provisions of this
                Article.

            

    

    

    
      	
              15

            	
              Enforcement
                of lien by sale

            

    

    

    
      	
              15.1

            	
              The
                Board may sell all or any of the shares subject to any lien at such
                time
                or times and in such manner as it may determine. However, no sale
                shall be
                made until such time as the moneys in respect of which such lien
                exists or
                some part thereof are or is presently payable or the liability or
                engagement in respect of which such lien exists is liable to be presently
                fulfilled or discharged, and until a demand and notice in writing
                stating
                the amount due or specifying the liability or engagement and demanding
                payment or fulfilment or discharge thereof and giving notice of intention
                to sell in default shall have been served on the holder or the persons
                (if
                any) entitled by transmission to the shares, and default in payment,
                fulfilment or discharge shall have been made by him or them for 14
                clear
                days after service of such notice. For giving effect to any such
                sale, the
                Board may authorise some person to execute an instrument of transfer
                of
                the shares sold in the name and on behalf of the holder of or the
                persons
                entitled by transmission to the shares in favour of the purchaser
                or as
                the purchaser may direct. The purchaser shall not be bound to see
                to the
                application of the purchase money, and the title of the transferee
                to the
                shares shall not be affected by any irregularity in or invalidity
                of the
                proceedings in reference to the
                sale.

            

    

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    

    
      	16	
              Application
                of proceeds of sale

            

    

    

    
      	
              16.1

            	
              The
                net proceeds of any sale of shares subject to any lien, after payment
                of
                the costs, shall be applied in or towards satisfaction of so much
                of the
                amount due to the Company, or of the liability or engagement (as
                the case
                may be) as is presently payable or is liable to be presently fulfilled
                or
                discharged. The balance (if any) shall (on surrender to the Company
                for
                cancellation of the certificate for the shares sold, and subject
                to a like
                lien for any moneys not presently payable or any liability or engagement
                not liable to be presently fulfilled or discharged as existed on
                the
                shares before the sale) be paid to the member or the person (if any)
                entitled by transmission to the shares so
                sold.

            

    

     

    CALLS
      ON
      SHARES

     

    
      	
              17

            	
              Calls

            

    

    

    
      	
              17.1

            	
              Subject
                to the terms of allotment of shares, the Board may from time to time
                make
                calls on the members in respect of any moneys unpaid on the shares
                or any
                class of shares held by them respectively (whether in respect of
                nominal
                value or premium) and not payable on a date fixed by or in accordance
                with
                the terms of issue. Each member shall (subject to receiving at least
                14
                clear days' notice specifying when and where payment is to be made
                and
                whether or not by instalments) be liable to pay the amount of every
                call
                so made on him as required by the notice. A call shall be deemed
                to have
                been made at the time when the resolution of the Board authorising
                such
                call was passed or (as the case may require) any person to whom power
                has
                been delegated pursuant to these Articles serves notice of exercise
                of
                such power. A call may be required to be paid by instalments and
                may,
                before receipt by the Company of any sum due thereunder, be either
                revoked
                or postponed in whole or part as regards all or any holder(s) as
                the Board
                may determine. A person on whom a call is made shall remain liable
                notwithstanding the subsequent transfer of the shares in respect
                of which
                the call was made. The joint holders of a share shall be jointly
                and
                severally liable for the payment of all calls in respect
                thereof.

            

    

    

    
      	
              18

            	
              Interest
                on calls

            

    

    

    
      	
              18.1

            	
              If
                the whole of the sum payable in respect of any call is not paid on
                or
                before the day appointed for payment, the person from whom it is
                due and
                payable shall pay all costs, charges and expenses that the Company
                may
                have incurred by reason of such non-payment, together with interest
                on the
                unpaid amount from the day appointed for payment thereof to the time
                of
                actual payment at the rate fixed by the terms of the allotment of
                the
                share or in the notice of the call or, if no rate is so fixed, at
                such
                rate not exceeding 15 per cent per annum as the Board shall determine.
                The
                Board may waive payment of such costs, charges, expenses or interest
                in
                whole or in part.

            

    

    

    
      	
              19

            	
              Rights
                of member when call unpaid

            

    

    

    
      	
              19.1

            	
              No
                member shall, unless the Board otherwise determines, be entitled
                to
                receive any dividend or to be present and vote at any general meeting
                either personally or (save as proxy for another member) by proxy,
                or be
                reckoned in a quorum, or to exercise any other privilege as a member
                unless and until he shall have paid all calls for the time being
                due and
                payable on every share held by him, whether alone or jointly with
                any
                other person, together with interest and expenses (if
                any).

            

    

    
       

      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    
      

      
        	
                20

              	
                Sums
                  due on allotment treated as calls

              

      

       

    

    
      	
              20.1

            	
              Any
                sum payable in respect of a share on allotment or at any fixed date,
                whether in respect of the nominal value of the share or by way of
                premium
                or as an instalment of a call, shall for all purposes of these Articles
                be
                deemed to be a call duly made. If it is not paid the provisions of
                these
                Articles shall apply as if such amount had become due and payable
                by
                virtue of a call.

            

    

    

    
      	
              21

            	
              Power
                to differentiate

            

    

    

    
      	
              21.1

            	
              The
                Board may make arrangements on the allotment or issue of shares for
                a
                difference as between the allottees or holders of such shares in
                the
                amount and time of payment of
                calls.

            

    

    

    
      	
              22

            	
              Payment
                in advance of calls

            

    

    

    
      	
              22.1

            	
              The
                Board may, if it thinks fit, receive from any member willing to advance
                the same all or any part of the moneys uncalled and unpaid on the
                shares
                held by him. Such payment in advance of calls shall extinguish pro
                tanto
                the liability on the shares on which it is made. The Company may
                pay
                interest on the money paid in advance, or so much of it as exceeds
                the
                amount for the time being called up on the shares in respect of which
                such
                advance has been made, at such rate as the Board may decide. The
                Board may
                at any time repay the amount so advanced on giving to such member
                not less
                than three months' notice in writing of its intention in that behalf,
                unless before the expiration of such notice the amount so advanced
                shall
                have been called up on the shares in respect of which it was
                advanced.

            

    

    

    
      	
              23

            	
              Delegation
                of power to make calls

            

    

    

    
      	
              23.1

            	
              If
                any uncalled capital of the Company is included in or charged by
                any
                mortgage or other security, the Board may delegate to the person
                in whose
                favour such mortgage or security is executed, or to any other person
                in
                trust for him, the power to make calls on the members in respect
                of such
                uncalled capital, to sue in the name of the Company or otherwise
                for the
                recovery of moneys becoming due in respect of calls so made and to
                give
                valid receipts for such moneys. The power so delegated shall subsist
                during the continuance of the mortgage or security, notwithstanding
                any
                change of Directors, and shall be assignable if expressed so to
                be.

            

    

    

    
      	
              24

            	
              Indemnity
                against claims in respect of shares

            

    

    

    
      	
              24.1

            	
              Whenever
                any law for the time being of any country, state or place imposes
                or
                purports to impose any immediate or future or possible liability
                on the
                Company to make any payment, or empowers any government or taxing
                authority or government official to require the Company to make any
                payment, in respect of any shares held either jointly or solely by
                any
                member or in respect of any dividends, bonuses or other monies due
                or
                payable or accruing due or which may become due or payable to such
                member
                by the Company or in respect of any such shares or for or on account
                or in
                respect of any member and whether in consequence
                of:

            

    

    

    
      	 	
              (a)

            	
              the
                death of such member;

            

    

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

     

    
      	 	
              (b)

            	
              the
                non-payment of any income tax or other tax by such
                member;

            

    

    

    
      	 	
              (c)

            	
              the
                non-payment of any estate, probate, succession, death, stamp, or
                other
                duty by the executor or administrator of such member or by or out
                of his
                estate; or

            

    

    

    
      	 	
              (d)

            	
              any
                other act or thing;

            

    

    

    the
      Company in every such case:

    

    
      	 	
              (i)

            	
              shall
                be fully indemnified by such member or his executor or administrator
                from
                all liability arising by virtue of such law;
                and

            

    

    

    
      	 	
              (ii)

            	
              may
                recover as a debt due from such member or his executor or administrator
                (wherever constituted or residing) any monies paid by the Company
                under or
                in consequence of any such law, together with interest thereon at
                the rate
                of 15 per cent. per annum thereon from the date of payment to the
                date of
                repayment.

            

    

    

    Nothing
      contained in this Article shall prejudice or affect any right or remedy which
      any law may confer or purport to confer on the Company and as between the
      Company and every such member as aforesaid, his executor, administrator, and
      estate wherever constituted or situated, any right or remedy which such law
      shall confer or purport to confer on the Company shall be enforceable by the
      Company.

    

    FORFEITURE
      OF SHARES

    

    
      	
              25

            	
              Notice
                if call not paid

            

    

    

    
      	
              25.1

            	
              If
                any member fails to pay the whole of any call or any instalment of
                any
                call on or before the day appointed for payment, the Board may at
                any time
                serve a notice in writing on such member or on any person entitled
                to the
                shares by transmission, requiring payment, on a date not less than
                14
                clear days from the date of the notice, of the amount unpaid and
                any
                interest which may have accrued thereon and any costs, charges and
                expenses incurred by the Company by reason of such non-payment. The
                notice
                shall name the place where the payment is to be made and state that,
                if
                the notice is not complied with, the shares in respect of which such
                call
                was made will be liable to be
                forfeited.

            

    

    

    
      	
              26

            	
              Forfeiture
                for non-compliance

            

    

    

    
      	
              26.1

            	
              If
                the notice referred to in Article 25 is not fully complied with,
                any share
                in respect of which it was given may, at any time before the payment
                required by the notice has been made, be forfeited by a resolution
                of the
                Board to that effect. Such forfeiture shall include all dividends
                declared
                or other moneys payable in respect of the forfeited shares and not
                paid
                before the forfeiture.

            

    

    

    
      	
              26.2

            	
              If
                any person from whom any call or interest thereon or any part thereof
                is
                due, and whose share has been declared forfeited for non-payment
                thereof,
                shows to the satisfaction of the Board that he is unable to pay the
                whole
                amount then remaining due from him in respect of such call or interest,
                the Board may accept from him such sum by way of composition for
                and in
                lieu of the whole amount so then due from him as the Board may determine;
                and upon the payment of such composition may discharge him from all
                claims
                and demands whatsoever then remaining due in respect of such call
                and
                interest; but no such composition shall be accepted from any person
                while
                he continues a member in his own right in respect of any share besides
                the
                share so forfeited, or shall give him any claim to or in respect
                of the
                share so forfeited.

            

    

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    
      	
              27

            	
              Notice
                after forfeiture

            

    

    

    
      	
              27.1

            	
              When
                any share has been forfeited, notice of the forfeiture shall be served
                on
                the person who was before forfeiture the holder of the share or the
                person
                entitled to such share by transmission (as the case may be). An entry
                of
                such notice having been given and of the forfeiture with the date
                thereof
                shall forthwith be made in the Register in respect of such share.
                However,
                no forfeiture shall be invalidated by any omission to give such notice
                or
                to make such entry as aforesaid.

            

    

    

    
      	
              28

            	
              Forfeiture
                may be annulled

            

    

    

    
      	
              28.1

            	
              The
                Board may, at any time before any share so forfeited has been cancelled
                or
                sold, re-allotted or otherwise disposed of, annul the forfeiture,
                on the
                terms of payment of all calls and interest due thereon and all expenses
                incurred in respect of the share and on such further terms (if any)
                as the
                Board shall see fit.

            

    

    

    
      	
              29

            	
              Surrender

            

    

    

    
      	
              29.1

            	
              The
                Board may accept a surrender of any share liable to be forfeited.
                In such
                case references in these Articles to forfeiture shall include
                surrender.

            

    

    

    
      	
              30

            	
              Disposal
                of forfeited shares

            

    

    

    
      	
              30.1

            	
              Every
                share which shall be forfeited shall thereupon become the property
                of the
                Company. Subject to the provisions of the Act any such share may
                be sold,
                re-allotted or otherwise disposed of, either to the person who was
                before
                forfeiture the holder thereof or entitled thereto or to any other
                person,
                on such terms and in such manner as the Board shall determine. The
                Board
                may for the purposes of the disposal authorise some person to transfer
                the
                shares in question and may enter the name of the transferee in respect
                of
                the transferred shares in the Register notwithstanding the absence
                of any
                share certificate being lodged in respect thereof and may issue a
                new
                certificate to the transferee and an instrument of transfer executed
                by
                that person shall be as effective as if it had been executed by the
                holder
                of, or person entitled by transmission to, the shares. The Company
                may
                receive the consideration (if any) given for the share on its
                disposal.

            

    

    

    
      	
              31

            	
              Effect
                of forfeiture

            

    

    

    
      	
              31.1

            	
              A
                shareholder whose shares have been forfeited shall cease to be a
                member in
                respect of them and shall surrender to the Company for cancellation
                the
                certificate for the shares forfeited. He shall nevertheless be liable
                to
                pay to the Company all calls made and not paid on such shares at
                the time
                of forfeiture, and interest thereon from the date of the forfeiture
                to the
                date of payment, in the same manner in all respects as if the shares
                had
                not been forfeited, and to satisfy all (if any) claims and demands
                which
                the Company might have enforced in respect of the shares at the time
                of
                forfeiture, without any reduction or allowance for the value of the
                shares
                at the time of forfeiture or for any consideration received on their
                disposal.

            

    

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    
      	32	
              Extinction
                of claims

            

    

    

    
      	
              32.1

            	
              The
                forfeiture of a share shall involve the extinction at the time of
                forfeiture of all interest in and all claims and demands against
                the
                Company in respect of the share and all other rights and liabilities
                incidental to the share as between the shareholder whose share is
                forfeited and the Company, except only such of those rights and
                liabilities as are by these Articles expressly saved, or as are by
                the Act
                given or imposed in the case of past
                members.

            

    

    

    
      	
              33

            	
              Evidence
                of forfeiture

            

    

    

    
      	
              33.1

            	
              A
                statutory declaration by a Director or the Secretary that a share
                has been
                forfeited in pursuance of these Articles, and stating the date on
                which it
                was forfeited, shall, as against all persons claiming to be entitled
                to
                the share adversely to the forfeiture thereof, be conclusive evidence
                of
                the facts therein stated. The declaration, together with the receipt
                of
                the Company for the consideration (if any) given for the share on
                the sale
                or disposition thereof and a certificate for the share under the
                Seal
                delivered to the person to whom the same is sold or disposed of,
                shall
                (subject if necessary to the execution of an instrument of transfer)
                constitute a good title to the share. Subject to the execution of
                any
                necessary transfer, such person shall be registered as the holder
                of the
                share and shall be discharged from all calls made prior to such sale
                or
                disposition and shall not be bound to see to the application of the
                purchase money or other consideration (if any), nor shall his title
                to the
                share be affected by any act, omission or irregularity relating to
                or
                connected with the proceedings in reference to the forfeiture or
                disposal
                of the share. Any such person shall not (unless by express agreement)
                become entitled to any of the dividends accrued or which might have
                accrued upon the shares before the completion of the sale or disposition
                thereof.

            

    

    

    TRANSFER
      OF SHARES

     

    
      	
              34

            	
              Form
                of transfer

            

    

    

    
      	
              34.1

            	
              Each
                member may transfer all or any of his shares by instrument of transfer
                in
                writing in any usual form or in any form approved by the Board. Such
                instrument shall be executed by or on behalf of the transferor and
                (in the
                case of a transfer of a share which is not fully paid up) by or on
                behalf
                of the transferee. The transferor shall be deemed to remain the holder
                of
                such share until the name of the transferee is entered in the Register
                in
                respect of it. 

            

    

    

    
      	
              35

            	
              Right
                to refuse registration

            

    

    

    
      	
              35.1

            	
              The
                Board may, in its absolute discretion and without giving any reason,
                refuse to register any share transfer
                unless:

            

    

    

    
      	 	
              (a)

            	
              it
                is in respect of a share which is fully paid
                up;

            

    

    

    
      	 	
              (b)

            	
              it
                is in respect of a share on which the Company has no
                lien;

            

    

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              it
                is in respect of only one class of shares and in respect of shares
                denominated in the same currency;

            

    

    

    
      	 	
              (d)

            	
              it
                is in favour of a single transferee or not more than four joint
                transferees;

            

    

    

    
      	 	
              (e)

            	
              it
                is duly stamped (if so required);
                and

            

    

    

    
      	 	
              (f)

            	
              it
                is delivered for registration to the Office or such other place as
                the
                Board may from time to time determine, accompanied (except in the
                case of
                a transfer by a recognised person where a certificate has not been
                issued)
                by the certificate for the shares to which it relates and such other
                evidence as the Board may reasonably require to prove the title of
                the
                transferor and the due execution by him of the transfer or, if the
                transfer is executed by some other person on his behalf, the authority
                of
                that person to do so

            

    

    

    provided
      that the Board shall not refuse to register any transfer of partly paid shares
      which are listed on The Stock Exchange on the grounds that they are partly
      paid
      shares in circumstances where such refusal would prevent dealing in such shares
      from taking place on an open and proper basis. References herein to a transfer
      shall be deemed to include renunciation of a renounceable letter of
      allotment.

    

    
      	
              35.2

            	
              A
                transfer of shares will not be registered in the circumstances envisaged
                by Article 81.

            

    

    

    
      	
              36

            	
              Notice
                of refusal

            

    

    

    
      	
              36.1

            	
              If
                the Board refuses to register a transfer of a share it shall, within
                two
                months after the date on which the transfer was lodged with the Company
                send notice of the refusal to the transferee. Any instrument of transfer
                which the Board refuses to register shall (except in the case of
                suspected
                fraud) be returned to the person depositing it. All instruments of
                transfer which are registered may be retained by the
                Company.

            

    

    

    
      	
              37

            	
              Closing
                of Registers

            

    

    

    
      	
              37.1

            	
              The
                registration of transfers of shares or of any class of shares may
                be
                suspended at such times and for such periods (not exceeding 30 days
                in any
                year) as the Board may from time to time determine. Any closing of
                the
                Register shall be notified in accordance with the requirements of
                the Act
                and shall be notified at least once by advertisement in a leading
                daily
                newspaper published in the United Kingdom and in one leading English
                language daily newspaper printed and circulating in the place where
                such
                closing takes place (and if such place is Hong Kong also in one leading
                Chinese language daily newspaper circulating in Hong
                Kong).

            

    

    

    
      	
              38

            	
              Fees
                on registration

            

    

    

    
      	
              38.1

            	
              If
                the Board so requires, a fee shall be charged in any jurisdiction
                in which
                all or any shares are for the time being listed or traded on a stock
                exchange in that jurisdiction for the registration of a transfer
                or on the
                registration of any probate, letters of administration, certificate
                of
                death or marriage, power of attorney, notice or other instrument
                relating
                to or affecting the title to any shares provided always that such
                fee
                shall not exceed the maximum such fee prescribed or permitted from
                time to
                time by the relevant stock exchange or by a relevant regulatory body
                in
                that jurisdiction.

            

    

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    
      	
              39

            	
              Other
                powers in relation to transfers

            

    

    

    
      	
              39.1

            	
              Nothing
                in these Articles shall preclude the
                Board:

            

    

    

    
      	 	
              (a)

            	
              from
                recognising a renunciation of the allotment of any share by the allottee
                in favour of some other person; or

            

    

    

    
      	 	
              (b)

            	
              if
                empowered by these Articles to authorise any person to execute an
                instrument of transfer of a share, from authorising any person to
                transfer
                that share in accordance with any procedures implemented pursuant
                to
                Article 12.2.

            

    

    

    
      	
              40

            	
              [Deleted
                by Special Resolution passed on 9 June 1992 which came into effect
                on 10
                July 1992.]

            

    

    

    TRANSMISSION
      OF SHARES

     

    
      	
              41

            	
              On
                death

            

    

    

    
      	
              41.1

            	
              If
                a member dies, the survivors or survivor, where he was a joint holder,
                and
                his executors or administrators, where he was a sole or the only
                survivor
                of joint holders, shall be the only persons recognised by the Company
                as
                having any title to his shares. Nothing in these Articles shall release
                the estate of a deceased member from any liability in respect of
                any share
                which has been solely or jointly held by
                him.

            

    

    

    
      	
              42

            	
              Election
                of person entitled by transmission

            

    

    

    
      	
              42.1

            	
              Any
                person becoming entitled to a share in consequence of the death or
                bankruptcy of any member, or of any other event giving rise to a
                transmission of such entitlement by operation of law, may, on such
                evidence as to his title being produced as the Board may require,
                elect
                either to become registered as a member or to have some person nominated
                by him registered as a member. If he elects to become registered
                himself,
                he shall give notice to the Company to that effect. If he elects
                to have
                some other person registered, he shall execute an instrument of transfer
                of such share to that person. All the provisions of these Articles
                relating to the transfer of shares shall apply to the notice or instrument
                of transfer (as the case may be) as if it were an instrument of transfer
                executed by the member and his death, bankruptcy or other event as
                aforesaid had not occurred. Where the entitlement of a person to
                a share
                in consequence of the death or bankruptcy of a member or of any other
                event giving rise to its transmission by operation of law is proved
                to the
                satisfaction of the Board, the Board shall within two months after
                proof
                cause the entitlement of that person to be noted in the
                Register.

            

    

    

    
      	
              43

            	
              Rights
                on transmission

            

    

    

    
      	
              43.1

            	
              Where
                a person becomes entitled to a share in consequence of the death
                or
                bankruptcy of any member, or of any other event giving rise to a
                transmission of such entitlement by operation of law, the rights
                of the
                holder in relation to such share shall cease. However, the person
                so
                entitled may give a good discharge for any dividends and other moneys
                payable in respect of it and shall have the same rights to which
                he would
                be entitled if he were the holder of the share, except that he shall
                not,
                before he is registered as the holder of the share, be entitled in
                respect
                of it to receive notice of, or to attend or vote at any meeting of
                the
                Company or at any separate meeting of the holders of any class of
                shares
                of the Company. The Board may at any time give notice requiring any
                such
                person to elect either to be registered himself or to transfer the
                share.
                If the notice is not complied with within 60 days, the Board may
                thereafter withhold payment of all dividends and other moneys payable
                in
                respect of such share until the requirements of the notice have been
                complied with.

            

    

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

    DESTRUCTION
      OF DOCUMENTS

    

    
      	
              44

            	
              Destruction
                of documents

            

    

    

    
      	
              44.1

            	
              The
                Company may destroy:

            

    

    

    
      	 	
              (a)

            	
              any
                instrument of transfer, after six years from the date on which it
                is
                registered (or such shorter period as the Board shall determine provided
                a
                copy thereof is retained by microfilming or other similar
                means);

            

    

    

    
      	 	
              (b)

            	
              any
                dividend mandate or any variation or cancellation thereof or any
                notification of change of name or address, after two years from the
                date
                on which it is recorded (or such shorter period as the Board shall
                determine provided a copy thereof is retained by microfilming or
                other
                similar means);

            

      	 	 	 

    

    
      	 	
              (c)

            	
              any
                share certificate, after one year from the date on which it is cancelled
                (or such shorter period as the Board shall determine provided a copy
                thereof is retained by microfilming or other similar means);
                and

            

    

    

    
      	 	
              (d)

            	
              any
                other document on the basis of which any entry in the Register is
                made,
                after six years from the date on which an entry was first made in
                the
                Register in respect of it (or such shorter period as the Board shall
                determine provided a copy thereof is retained by microfilming or
                other
                similar means).

            

    

    

    
      	
              44.2

            	
              It
                shall be conclusively presumed in favour of the Company that every
                entry
                in the Register purporting to have been made on the basis of a document
                so
                destroyed was duly and properly made, that every instrument of transfer
                so
                destroyed was duly registered, that every share certificate so destroyed
                was duly cancelled, and that every other document so destroyed was
                valid
                and effective in accordance with the particulars in the records of
                the
                Company, provided that:

            

    

    

    
      	 	
              (a)

            	
              this
                Article 44 shall apply only to the destruction of a document in good
                faith
                and without notice of any claim (regardless of the parties to it)
                to which
                the document might be relevant;

            

    

    

    
      	 	
              (b)

            	
              nothing
                in this Article 44 shall be construed as imposing on the Company
                any
                liability in respect of the destruction of any such document otherwise
                than as provided for in this Article 44 which would not attach to
                the
                Company in the absence of this Article 44;
                and

            

    

    

    
      	 	
              (c)

            	
              references
                in this Article 44 to the destruction of any document include references
                to the disposal of it in any
                manner.

            

    

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

     

    ALTERATION
      OF SHARE CAPITAL

    

    
      	
              45

            	
              Increase,
                consolidation, cancellation and
                sub-division

            

    

    

    
      	
              45.1

            	
              The
                Company in general meeting may from time to time by ordinary
                resolution:

            

    

    

    
      	 	
              (a)

            	
              increase
                its share capital by such sum to be divided into shares of such amount
                as
                the resolution prescribes;

            

    

    

    
      	 	
              (b)

            	
              consolidate
                and divide all or any of its share capital into shares of larger
                nominal
                amount than its existing shares;

            

    

    

    
      	 	
              (c)

            	
              cancel
                any shares which at the date of the passing of the resolution have
                not
                been taken or agreed to be taken by any person, and diminish the
                amount of
                its share capital by the amount of the shares so cancelled;
                and

            

    

    

    
      	 	
              (d)

            	
              subject
                to the provisions of the Act, sub-divide its shares or any of them
                into
                shares of smaller amount, and may by such resolution determine that,
                as
                between the shares resulting from such sub-division, one or more
                of the
                shares may, as compared with the others, have any such preferred,
                deferred
                or other special rights or be subject to any such restrictions as
                the
                Company has power to attach to unissued or new
                shares.

            

    

    

    Any
      resolution for consolidation and division of Ordinary Shares into shares of
      a
      larger nominal amount pursuant to paragraph (b) of this Article and any
      resolution for sub-division of Ordinary Shares into shares of a smaller amount
      pursuant to paragraph (d) of this Article shall constitute a variation of the
      rights attached to the Ordinary Shares unless such resolution shall affect
      all
      the Ordinary Shares in issue in like manner and to like extent.

    

    
      	
              46

            	
              Fractions

            

    

    

    
      	
              46.1

            	
              Whenever
                as the result of any consolidation, division or sub-division of shares
                any
                difficulty arises, the Board may settle it as it thinks fit and in
                particular (but without prejudice to the generality of the
                foregoing):

            

    

    

    
      	 	
              (a)

            	
              whenever
                as a result of any consolidation of shares any members would become
                entitled to fractions of shares, the Board may, on behalf of those
                members, sell the shares incorporating the fractions for the best
                price
                reasonably obtainable to any person (including the Company) and distribute
                the net proceeds of sale after deduction of the expenses of sale
                in due
                proportion among those members (except that any amount otherwise
                due to a
                member, being less than £2.50 or its equivalent based on such exchange
                rate as the Board may determine in any other relevant currency or
                such
                other sum as the Board may from time to time determine, may be retained
                for the benefit of the Company);

            

    

    

    
      	 	
              (b)

            	
              the
                Board may as between the holders of shares to be consolidated determine
                which particular shares are to be consolidated into each consolidated
                share and, in the case of any shares registered in the name of one
                holder
                or joint holders being consolidated with shares registered in the
                name of
                another holder or joint holders, may make such arrangements as it
                may
                think fit for the sale of the consolidated share and for the distribution
                among the persons entitled thereto of the net proceeds of such sale
                after
                deduction of the expenses of sale or for the payment of such net
                proceeds
                to the Company (except that any amount otherwise due to a member,
                being
                less than £2.50 or its equivalent based on such exchange rate as the Board
                may determine in any other relevant currency or such other sum as
                the
                Board may from time to time determine, may be retained for the benefit
                of
                the Company);

            

    

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              alternatively,
                provided that the necessary unissued shares are available, the Board
                may,
                in each case where the number of shares held by any holder is not
                an exact
                multiple of the number of shares to be consolidated into a single
                share,
                issue to each such holder credited as fully paid by way of capitalisation
                the minimum number of shares required to round up his holding to
                such a
                multiple (such issue being deemed to have been effected immediately
                prior
                to consolidation); and the amount required to pay up such shares
                shall be
                appropriated at the Board's discretion from any of the sums standing
                to
                the credit of any of the Company's reserve accounts (including share
                premium account and capital redemption reserve) or to the credit
                of profit
                and loss account and capitalised by applying the same in paying up
                such
                shares; and

            

    

    

    
      	 	
              (d)

            	
              for
                the purposes of any sale of consolidated shares pursuant to paragraph
                (a)
                of this Article, the Board may authorise some person to execute an
                instrument of transfer of the shares to, or in accordance with, the
                directions of the purchaser, and the transferee shall not be bound
                to see
                to the application of the purchase money, nor shall his title to
                the
                shares be affected by any irregularity in or invalidity of the proceedings
                in reference to the sale.

            

    

    

    
      	
              47

            	
              Reduction
                of capital

            

    

    

    
      	
              47.1

            	
              Subject
                to the provisions of the Act and to any rights for the time being
                attached
                to any shares, the Company may by special resolution reduce its share
                capital or any capital redemption reserve or share premium account
                in any
                manner.

            

    

    

    
      	
              47.2

            	
              Without
                prejudice to the generality of Article 47.1, the passing and/or
                implementation of any special resolution for the reduction of the
                capital
                paid up on any Ordinary Shares and for the cancellation of such Shares
                accordingly for the purpose only of, and followed by, the application
                (as
                nearly as may be) of the reserve then arising in or towards the payment
                up
                in full of the same number of new Ordinary Shares denominated in
                a
                different currency (which need not be any currency in which any issued
                Ordinary Share is then denominated) but having the same rights as
                and
                ranking pari passu in all respects with Ordinary Shares for the purposes
                of these Articles and the distribution of such new Ordinary Shares
                credited as fully paid to the holders of the Ordinary Shares so cancelled
                in proportion to the number of such Shares then held by them respectively
                shall not involve any variation or abrogation of the rights attached
                to
                any Ordinary Shares cancelled as aforesaid (or of the rights attached
                to
                any other Ordinary Share) and all Ordinary Shares whenever issued
                are
                subject to the restriction that the passing and/or implementation
                of any
                such resolution shall not require the consent or sanction of the
                holders
                of any Ordinary Shares to be given in accordance with Article 49.1
                or
                otherwise.

            

    

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    
      	
              48

            	
              Purchase
                of own shares

            

    

    

    
      	
              48.1

            	
              Subject
                to the provisions of the Act and to any rights for the time being
                attached
                to any shares, the Company may purchase any of its own shares of
                any class
                (including any redeemable shares). Any shares to be so purchased
                may be
                selected in any manner whatsoever, provided that if at the relevant
                date
                proposed for approval of the proposed purchase there shall be in
                issue any
                shares of a class entitling the holders to convert into equity share
                capital of the Company, then no such purchase shall take place unless
                it
                has been sanctioned by an extraordinary resolution passed at a separate
                general meeting (or meetings if there is more than one class) of
                the
                holders of such class of convertible shares or the trust deed or
                other
                instrument constituting, or the terms of issue of, the convertible
                shares
                provide for the Company purchasing its own equity shares.
                

            

    

    

    VARIATION
      OF CLASS RIGHTS

    

    
      	
              49

            	
              Sanction
                to variation

            

    

    

    
      	
              49.1

            	
              Any
                of the rights or privileges for the time being attached to any share
                or
                class of shares in the Company (and notwithstanding that the Company
                may
                be or be about to be in liquidation) may be varied or abrogated in
                such
                manner (if any) as may be provided by such rights or, in the absence
                of
                any such provision, either with the consent in writing of the holders
                of
                not less than three-quarters in nominal value of the issued shares
                of the
                class, or with the sanction of an extraordinary resolution passed
                at a
                separate general meeting of the holders of shares of the class duly
                convened and held as hereinafter provided (but not otherwise). The
                foregoing provisions of this Article shall apply also to the variation
                or
                abrogation of the special rights attached to some only of the shares
                of
                any class as if each group of shares of the class differently treated
                formed a separate class the separate rights of which are to be
                varied.

            

    

    

    
      	
              49.2

            	
              Ordinary
                Shares whenever issued are subject to the restriction that the rights
                attached to them may be varied or abrogated by a special resolution
                of the
                Company without the separate consent or sanction (given in accordance
                with
                Article 49.1 or otherwise) of the holders of any of the Ordinary
                Shares
                provided that the rights attached to all the Ordinary Shares are
                thereby
                varied or abrogated in like manner and to like extent and accordingly
                neither the passing nor the implementation of any such resolution
                constitutes a variation or abrogation of any of the rights attached
                to any
                of the Ordinary Shares.

            

    

    

    
      	
              50

            	
              Class
                meetings

            

    

    

    
      	
              50.1

            	
              All
                the provisions in these Articles as to general meetings shall mutatis
                mutandis apply to every meeting of the holders of any class of shares.
                The
                quorum at every such meeting shall be two persons holding or representing
                by proxy at least one-third of the nominal amount paid up on the
                issued
                shares of the class. Every holder of shares of the class, present
                in
                person or by proxy, may demand a poll. Each such holder shall on
                a poll be
                entitled to one vote for every share of the class held by him. If
                at any
                adjourned meeting of such holders such quorum as aforesaid is not
                present,
                one person holding shares of the class who is present in person or
                by
                proxy shall be a quorum.

            

    

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

     

    
      	
              51

            	
              Deemed
                variation

            

    

    

    
      	
              51.1

            	
              Subject
                to the terms of issue of or rights attached to any shares, the rights
                or
                privileges attached to any class of shares shall be deemed to be
                varied or
                abrogated by the reduction of the capital paid up on such shares,
                but
                shall not be deemed to be varied or abrogated by the creation or
                issue of
                any new shares ranking in priority to or pari passu in all respects
                (save
                as to the date from which such new shares shall rank for dividend)
                with or
                subsequent to those already issued or by the purchase or redemption
                by the
                Company of its own shares in accordance with the provisions of the
                Act and
                these Articles.

            

    

    

    GENERAL
      MEETINGS

    

    
      	
              52

            	
              Annual
                general meetings

            

    

    

    
      	
              52.1

            	
              The
                Company shall in each year hold a general meeting as its annual general
                meeting in addition to any other meetings in that year in accordance
                with
                the requirements of the Act. The annual general meeting shall be
                held at
                such time and in such place as the Board may
                determine.

            

    

    

    
      	
              53

            	
              Extraordinary
                general meetings

            

    

    

    
      	
              53.1

            	
              All
                general meetings, other than annual general meetings, shall be called
                extraordinary general meetings. All extraordinary general meetings
                shall
                be held at such time and in such place as the Board shall
                determine.

            

    

    

    
      	
              54

            	
              Convening
                of extraordinary general meetings

            

    

    

    
      	
              54.1

            	
              The
                Board may convene an extraordinary general meeting whenever it thinks
                fit.
                An extraordinary general meeting shall also be convened on such
                requisition, or in default may be convened by such requisitionists,
                as
                provided by section 368 of the Act. At any meeting convened on such
                requisition or by such requisitionists no business shall be transacted
                except that stated by the requisition or proposed by the
                Board.

            

    

    

    
      	
              55

            	
              Notice
                of general meetings

            

    

    

    
      	
              55.1

            	
              An
                annual general meeting and an extraordinary general meeting convened
                for
                the passing of a special resolution shall be convened by not less
                than 21
                clear days' notice in writing. All other extraordinary general meetings
                shall be convened by not less than 14 clear days' notice in
                writing.

            

    

    

    
      	
              55.2

            	
              Subject
                to the provisions of the Act, and notwithstanding that it is convened
                by
                shorter notice than that specified in this Article 55, a general
                meeting
                shall be deemed to have been duly convened if it is so
                agreed:

            

    

    

    
      	 	
              (a)

            	
              in
                the case of an annual general meeting, by all the members entitled
                to
                attend and vote at the meeting; and

            

    

    

    
      	 	
              (b)

            	
              in
                the case of any other meeting, by a majority in number of the members
                having a right to attend and vote at the meeting, being a majority
                together holding not less than 95 per cent. in nominal value of the
                shares
                giving that right.

            

    

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

     

    
      	
              55.3

            	
              The
                notice shall specify:

            

    

    

    
      	 	
              (a)

            	
              whether
                the meeting is an annual general meeting or an extraordinary general
                meeting;

            

    

    

    
      	 	
              (b)

            	
              the
                place, the day and the time of the
                meeting;

            

    

    

    
      	 	
              (c)

            	
              in
                the case of special business, the general nature of that
                business;

            

    

    

    
      	 	
              (d)

            	
              if
                the meeting is convened to consider a special or extraordinary resolution,
                the intention to propose the resolution as such;
                and

            

    

    

    
      	 	
              (e)

            	
              with
                reasonable prominence, that a member entitled to attend and vote
                is
                entitled to appoint one or more proxies to attend and vote instead
                of him
                and that a proxy need not also be a
                member.

            

    

    

    
      	
              55.4

            	
              The
                notice shall be given to the members (other than any who, under the
                provisions of these Articles or of any restrictions imposed on any
                shares,
                are not entitled to receive notice from the Company), to the Directors
                and
                to the Auditors.

            

    

    

    
      	
              55.5

            	
              For
                the purposes of section 376(2)(b) of the Act any amount paid up on
                any
                Ordinary Share in any currency other than sterling shall be treated
                as if
                it had been converted into sterling at such rate of exchange prevailing
                at
                or about the date of the requisition as the Board shall
                determine.

            

    

    

    
      	
              56

            	
              Omission
                to send notice

            

    

    

    
      	
              56.1

            	
              The
                accidental omission to send a notice of meeting or, in cases where
                it is
                intended that it be sent out with the notice, an appointment of proxy
                to,
                or the non-receipt of either by, any person entitled to receive the
                same
                shall not invalidate the proceedings at that
                meeting.

            

    

    

    
      	56A	
              Postponement
                of General Meetings

            

    

    

    If
      the
      Board, in its absolute discretion, considers that it is impractical or
      unreasonable for any reason to hold a general meeting on the date or at the
      time
      or place specified in the notice calling the general meeting, it may postpone
      the general meeting to another date, time and/or place. The Board shall take
      reasonable steps to ensure that notice of the date, time and place of the
      postponed meeting is provided to any member trying to attend the meeting at
      the
      original time and place. When a meeting is so postponed, notice of the date,
      time and place of the postponed meeting shall be given in such manner as the
      Board may in its absolute discretion determine. Notice of the business to be
      transacted at such postponed meeting shall not be required. If a meeting is
      postponed in accordance with this Article, the appointment of a proxy will
      be
      valid if it is delivered and received as required by these Articles not less
      than 48 hours before the time appointed for holding the postponed meeting.
      The
      Board may (for the avoidance of doubt) also postpone any meeting which has
      been
      rearranged under this Article 56A.

    

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

    

    
      	
              57

            	
              Special
                business

            

    

    

    
      	
              57.1

            	
              All
                business that is transacted at a general meeting shall be deemed
                special,
                except the following transactions at an annual general
                meeting:

            

    

    

    
      	 	
              (a)

            	
              the
                declaration of dividends;

            

    

    

    
      	 	
              (b)

            	
              the
                receipt and consideration of the annual accounts, the Directors’ Report,
                the Directors’ Remuneration Report, the Auditors’ report and any other
                documents required to be annexed to the annual
                accounts;

            

    

    

    
      	 	
              (c)

            	
              the
                election or re-election of
                Directors;

            

    

    

    
      	 	
              (d)

            	
              the
                re-appointment of the Auditors retiring (unless they were last appointed
                otherwise than by the Company in general meeting) and the determination
                of
                the remuneration of the Auditors or of the manner in which such
                remuneration is to be determined.

            

    

    

    PROCEEDINGS
      AT GENERAL MEETINGS

    

    
      	
              58

            	
              Quorum

            

    

    

    
      	
              58.1

            	
              No
                business shall be transacted at any general meeting unless a quorum
                is
                present when the meeting proceeds to business. For all purposes the
                quorum
                shall be not less than three persons entitled to attend and to vote
                on the
                business to be transacted, each being a member or a proxy for a member
                or
                a duly authorised representative of a corporation which is a
                member.

            

    

    

    
      	
              59

            	
              If
                quorum not present

            

    

    

    
      	
              59.1

            	
              If
                within 15 minutes (or such longer interval as the Chairman in his
                absolute
                discretion thinks fit) from the time appointed for the holding of
                a
                general meeting a quorum is not present, or if during a meeting such
                a
                quorum ceases to be present, the meeting shall stand adjourned to
                the same
                day in the next week at the same time and place, or to such other
                day and
                at such time and place as the Chairman (or, in default, the Board)
                may
                determine. If at such adjourned meeting a quorum is not present within
                15
                minutes from the time appointed for holding the meeting, one person
                entitled to attend and to vote on the business to be transacted,
                being a
                member or a proxy for a member or a duly authorised representative
                of a
                corporation which is a member, shall be a
                quorum.

            

    

    

    
      	
              60

            	
              Chairman

            

    

    

    
      	
              60.1

            	
              The
                Chairman (if any) of the Board shall preside at every general meeting
                of
                the Company. If there be no such Chairman or if at any meeting he
                shall
                not be present within 5 minutes after the time appointed for holding
                the
                meeting, or shall be unwilling to act as Chairman, a Deputy Chairman
                shall
                if present and willing to act preside at such meeting. In the event
                of two
                or more Deputy Chairmen being present, the Deputy Chairman to act
                as
                Chairman shall be decided by those directors present. If no Chairman
                or
                Deputy Chairman shall be so present and willing to act, the Directors
                present shall choose one of their number to act or, if there be only
                one
                Director present, he shall be Chairman if willing to act. If there
                be no
                Director present and willing to act, the members present and entitled
                to
                vote shall choose one of their number to be Chairman of the
                meeting.

            

    

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

     

    
      	
              61

            	
              Entitlement
                to attend and speak

            

    

    

    
      	
              61.1

            	
              A
                Director shall, notwithstanding that he is not a member, be entitled
                to
                attend and speak at any general meeting and at any separate meeting
                of the
                holders of any class of shares of the Company. Any
                proxy appointed by a member shall also be entitled to speak at any
                general
                meeting of the Company.

            

    

    

    
      	
              62

            	
              Power
                to adjourn

            

    

    

    
      	
              62.1

            	
              The
                Chairman may, with or without the consent of a meeting at which a
                quorum
                is present, and shall, if so directed by the meeting, adjourn any
                meeting
                from time to time (or indefinitely) and from place to place as the
                meeting
                shall determine. However, without prejudice to any other power which
                he
                may have under these Articles or at common law, the Chairman may,
                without
                the need for the consent of the meeting, interrupt or adjourn any
                meeting
                from time to time and from place to place or for an indefinite period
                if
                he is of the opinion that it has become necessary to do so in order
                to
                secure the proper and orderly conduct of the meeting, to give all
                persons
                entitled to do so a reasonable opportunity of speaking and voting
                at the
                meeting or to ensure that the business of the meeting is properly
                disposed
                of.

            

    

    

    
      	
              63

            	
              Notice
                of adjourned meeting

            

    

    

    
      	
              63.1

            	
              Where
                a meeting is adjourned indefinitely, the Board shall fix the time
                and
                place for the adjourned meeting. Whenever a meeting is adjourned
                for 14
                days or more or indefinitely, seven clear days' notice at the least,
                specifying the place, the day and time of the adjourned meeting and
                the
                general nature of the business to be transacted, shall be given in
                the
                same manner as in the case of an original meeting. Save as aforesaid,
                no
                member shall be entitled to any notice of an adjournment or of the
                business to be transacted at any adjourned
                meeting.

            

    

    

    
      	
              64

            	
              Business
                of adjourned meeting

            

    

    

    
      	
              64.1

            	
              No
                business shall be transacted at any adjourned meeting other than
                the
                business which might properly have been transacted at the meeting
                from
                which the adjournment took place.

            

    

    

    
      	
              65

            	
              Accommodation
                of members at meeting

            

    

    

    
      	
              65.1

            	
              The
                Board may, for the purpose of controlling the level of attendance
                at any
                place specified for the holding of a general meeting, from time to
                time
                make such arrangements (whether involving the issue of tickets, on
                a basis
                intended to afford to all members otherwise entitled to attend such
                meeting an equal opportunity of being admitted to the meeting, or
                the
                imposition of some random means of selection, or otherwise, as the
                Board
                shall in its absolute discretion consider to be appropriate) and
                may from
                time to time vary any such arrangements or make new arrangements
                in place
                therefor. The entitlement of any member or proxy to attend a general
                meeting at such place shall be subject to any such arrangements as
                may be
                for the time being in force and by the notice of meeting stated to
                apply
                to that meeting. In the case of any general meeting to which such
                arrangements apply the Board shall, and in the case of any other
                general
                meeting the Board may, when specifying the place of the general
                meeting:

            

    

    

    
      	 	
              (a)

            	
              direct
                that the meeting shall be held at a place specified in the notice
                at which
                the Chairman of the meeting shall preside ("the Principal Place");
                and

            

    

     

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              make
                arrangements for simultaneous attendance and participation at other
                places
                by members otherwise entitled to attend the general meeting but excluded
                therefrom under the provisions of this Article or who wish to attend
                at
                any of such other places, provided that persons attending at the
                Principal
                Place and at any of such other places shall be able to see and hear
                and be
                seen and heard by persons attending at the Principal Place and at
                such
                other places.

            

    

    

    Such
      arrangements for simultaneous attendance may include arrangements for
      controlling the level of attendance in any manner aforesaid at any of such
      other
      places, provided that they shall operate so that any such excluded members
      as
      aforesaid are able to attend at one of such other places. For the purposes
      of
      all other provisions of these Articles any such meeting shall be treated as
      being held and taking place at the Principal Place.

    

    
      	
              65.2

            	
              The
                Board may direct that any person wishing to attend any meeting should
                submit to such searches or other security arrangements or restrictions
                as
                the Board shall consider appropriate in the circumstances and shall
                be
                entitled in its absolute discretion to refuse entry to any meeting
                to any
                person who fails to submit to such searches or to otherwise comply
                with
                such security arrangements or
                restrictions.

            

    

    

    VOTING

     

    
      	
              66

            	
              Method
                of voting

            

    

    

    
      	
              66.1

            	
              At
                any general meeting a resolution put to a vote of the meeting shall
                be
                decided on a show of hands, unless (before or on the declaration
                of the
                result of the show of hands) a poll is duly demanded. Subject to
                the
                provisions of the Act, a poll may be demanded
                by:

            

    

    

    
      	 	
              (a)

            	
              the
                Chairman of the meeting; or

            

    

    

    
      	 	
              (b)

            	
              by
                at least five members present in person or by proxy and entitled
                to vote
                at the meeting; or

            

    

    

    
      	 	
              (c)

            	
              a
                member or members present in person or by proxy representing not
                less than
                one-tenth of the total voting rights of all the members having the
                right
                to vote at the meeting; or

            

    

    

    
      	 	
              (d)

            	
              a
                member or members present in person or by proxy holding shares conferring
                a right to vote at the meeting, being shares on which an aggregate
                sum has
                been paid up equal to not less than one-tenth of the total sum paid
                up on
                all the shares conferring that
                right.

            

    

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

    
      	
              67

            	
              Chairman's
                declaration conclusive on show of
                hands

            

    

    

    
      	
              67.1

            	
              Unless
                a poll is duly demanded and the demand is not withdrawn, a declaration
                by
                the Chairman of the meeting that a resolution has on a show of hands
                been
                carried, or carried unanimously or by a particular majority, or lost,
                or
                not carried by a particular majority, and an entry to that effect
                in the
                book containing the minutes of proceedings of the Company, shall
                be
                conclusive evidence thereof, without proof of the number or proportion
                of
                the votes recorded in favour of or against such
                resolution.

            

    

    

    
      	
              68

            	
              Objection
                to error in voting

            

    

    

    
      	
              68.1

            	
              No
                objection shall be raised to the qualification of any voter or to
                the
                counting of, or failure to count, any vote, except at the meeting
                or
                adjourned meeting at which the vote objected to is given or tendered
                or at
                which the error occurs. Any objection or error shall be referred
                to the
                Chairman of the meeting and shall only vitiate the decision of the
                meeting
                on any resolution if the Chairman decides that the same is of sufficient
                magnitude to vitiate the resolution or may otherwise have affected
                the
                decision of the meeting. The decision of the Chairman on such matters
                shall be final and conclusive.

            

    

    

    
      	
              69

            	
              Amendment
                to resolutions

            

    

    

    
      	
              69.1

            	
              If
                an amendment shall be proposed to any resolution under consideration
                but
                shall in good faith be ruled out of order by the Chairman of the
                meeting,
                any error in such ruling shall not invalidate the proceedings on
                the
                substantive resolution. In the case of a resolution duly proposed
                as a
                special or extraordinary resolution, no amendment thereto (other
                than a
                mere clerical amendment to correct a patent error) may in any event
                be
                considered or voted on.

            

    

    

    
      	
              70

            	
              Procedure
                on a poll

            

    

    

    
      	
              70.1

            	
              Any
                poll duly demanded on the election of a Chairman of a meeting or
                on any
                question of adjournment shall be taken forthwith. A poll duly demanded
                on
                any other matter shall be taken in such manner (including the use
                of
                ballot or voting papers or tickets) and at such time and place, not
                being
                more than 30 days from the date of the meeting or adjourned meeting
                at
                which the poll was demanded, as the Chairman shall direct. No notice
                need
                be given of a poll not taken immediately if the time and place at
                which it
                is to be taken are announced at the meeting at which it is demanded.
                In
                any other case at least seven clear days' notice shall be given specifying
                the time and place at which the poll is to be taken. The result of
                the
                poll shall be deemed to be the resolution of the meeting at which
                the poll
                was demanded.

            

    

    

    
      	
              70.2

            	
              The
                demand for a poll (other than on the election of a Chairman or a
                resolution for adjourning the meeting) shall not prevent the continuance
                of the meeting for the transaction of any business other than the
                question
                on which a poll has been demanded. If a poll is demanded before the
                declaration of the result on a show of hands and the demand is duly
                withdrawn, the meeting shall continue as if the demand had not been
                made.

            

    

    

    
      	
              70.3

            	
              The
                demand for a poll may, before the poll is taken, be withdrawn, but
                only
                with the consent of the Chairman. A demand so withdrawn shall validate
                the
                result of a show of hands declared before the demand was made and,
                in the
                case of a poll demanded but duly withdrawn before the declaration
                of the
                result of a show of hands, the meeting shall continue as if the demand
                had
                not been made.

            

    

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

     

    
      	
              70.4

            	
              On
                a poll votes may be given in person or by proxy. A member entitled
                to more
                than one vote need not, if he votes, use all his votes or cast all
                the
                votes he uses in the same way.

            

    

    

    
      	
              71

            	
              Votes
                of members

            

    

    

    
      	
              71.1

            	
              Subject
                to the provisions of the Act and to any special terms as to voting
                on
                which any shares may have been issued or may for the time being be
                held
                and to any suspension or abrogation of voting rights pursuant to
                these
                Articles, at any general meeting every member who is present in person
                or
                by proxy shall on a show of hands have one vote and every member
                present
                in person or by proxy shall on a poll have one vote for every Ordinary
                Share of which he is the holder.

            

    

    

    
      	
              71.2

            	
              If
                two or more persons are joint holders of a share, then in voting
                on any
                question the vote of the senior who tenders a vote, whether in person
                or
                by proxy, shall be accepted to the exclusion of the votes of the
                other
                joint holders. For this purpose seniority shall be determined by
                the order
                in which the names of the holders stand in the
                Register.

            

    

    

    
      	
              71.3

            	
              Where
                in England or elsewhere a receiver or other person (by whatever name
                called) has been appointed by any court claiming jurisdiction in
                that
                behalf to exercise powers with respect to the property or affairs
                of any
                member on the ground (however formulated) of mental disorder, the
                Board
                may in its absolute discretion, on or subject to production of such
                evidence of the appointment as the Board may require, permit such
                receiver
                or other person to vote in person or, on a poll, by proxy on behalf
                of
                such member at any general meeting. Evidence to the satisfaction
                of the
                Board of the authority of the person claiming to exercise the right
                to
                vote shall be deposited at the Office, or deposited or received at
                such
                other place or address as is specified in accordance with these Articles
                for the deposit or receipt of appointments of proxy, not less than
                48
                hours before the time appointed for holding the meeting or adjourned
                meeting at which the right to vote is to be exercised, and in default
                the
                right to vote shall not be
                exercisable.

            

    

    

    
      	
              72

            	
              Casting
                vote

            

    

    

    
      	
              72.1

            	
              In
                the case of an equality of votes, whether on a show of hands or on
                a poll,
                the Chairman of the meeting at which the show of hands takes place
                or at
                which the poll was demanded shall be entitled to a second or casting
                vote
                in addition to any other vote that he may
                have.

            

    

    

    
      	
              73

            	
              Restriction
                on voting rights for unpaid calls
                etc.

            

    

    

    
      	
              73.1

            	
              No
                member shall, unless the Board otherwise determines, be entitled
                to vote
                at a general meeting or at any separate meeting of the holders of
                any
                class of shares, either in person or by proxy, in respect of any
                share
                held by him or to exercise any right as a member unless all calls
                or other
                sums presently payable by him in respect of that share in the Company
                have
                been paid.

            

    

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

     

    
      	73A	Votes not counted where abstention
              required

      	 	 

      	
              73A.1

            	
              Where
                any member is, under the rules governing the listing of securities
                on any
                stock exchange on which all or any shares of the Company are for
                the time
                being listed or traded, required to abstain from voting on any particular
                resolution or restricted to voting only for or only against any particular
                resolution, any votes cast by or on behalf of such member in contravention
                of such requirement or restriction shall, notwithstanding the provision
                of
                any other Article, not be counted.

            

    

    

    
      	
              74

            	
              Voting
                by proxy

            

    

    

    
      	
              74.1

            	
              Any
                person (whether a member of the Company or not) may be appointed
                to act as
                a proxy. The appointment of a proxy shall not preclude a member from
                attending and voting in person at the meeting in respect of which
                the
                proxy is appointed or at any adjournment
                thereof.

            

    

    

    
      	
              75

            	
              Form
                of proxy

            

    

    

    
      	
              75.1

            	
              An
                appointment of a proxy shall:

            

    

    

    
      	 	
              (a)

            	
              be
                in writing and, if the Board in its absolute discretion determines,
                may be
                contained in an electronic communication, in any such case in any
                common
                form or in such other form as the Board may approve and: (i) if in
                writing
                but not contained in an electronic communication, under the hand
                of the
                appointor or of his attorney duly authorised in writing or, if the
                appointor is a corporation, under its common seal or under the hand
                of
                some officer or attorney duly authorised in that behalf; or (ii)
                in the
                case of an appointment contained in an electronic communication,
                submitted
                by or on behalf of the appointor, subject to such terms and conditions
                and
                authenticated in such manner as the Board may in its absolute discretion
                determine;

            

    

    

    
      	 	
              (b)

            	
              be
                deemed (subject to any contrary direction contained in the same)
                to confer
                authority to demand or join in demanding a poll and to vote on any
                resolution or amendment of a resolution put to the meeting for which
                it is
                given, as the proxy thinks fit and to speak at the meeting;
                and

            

    

    

    
      	 	
              (c)

            	
              unless
                the contrary is stated therein, be valid as well for any adjournment
                of
                the meeting as for the meeting to which it
                relates.

            

    

    

    
      	
              76

            	
              Deposit
                or receipt of proxy

            

    

    

    
      	
              76.1

            	
              The
                appointment of a proxy and the power of attorney or other authority
                (if
                any) under which it is signed, or a copy of such authority certified
                notarially or in some other way approved by the Board
                may:

            

    

    

    
      	 	
              (a)

            	
              in
                the case of an instrument in writing (including, whether or not the
                appointment of proxy is contained in an electronic communication,
                any such
                power of attorney or other authority), be deposited at the Office
                or at
                such other place or places and in such location or locations as is
                or are
                specified in the notice convening the meeting or in any appointment
                of
                proxy sent out by the Company in relation to the meeting not less
                than 48
                hours before the time of the holding of the meeting or adjourned
                meeting
                at which the person named in the instrument proposes to vote;
                or

            

    

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (aa)

            	
              in
                the case of an appointment contained in an electronic communication,
                where
                an address has been specified for the purpose of receiving
                communications:

            

    

    

    
      	
            	(A)	
              in
                the notice convening the meeting;
                or

            

    

    

    
      	 	 	
              (B)

            	
              in
                any instrument of proxy sent out by the Company in relation to the
                meeting; or 

            

    

    

    
      	 	 	
              (C)

            	
              in
                any invitation contained in an electronic communication to appoint
                a proxy
                issued by the Company in relation to the
                meeting,

            

    

    

    be
      received at such address not less than 48 hours before the time for holding
      the
      meeting or adjourned meeting at which the person named in the appointment
      proposes to vote; or

    

    
      	 	
              (b)

            	
              in
                the case of a poll taken more than 48 hours after it is demanded,
                be
                deposited or received as aforesaid after the poll has been demanded
                and
                not less than 24 hours before the time appointed for the taking of
                the
                poll; or

            

    

    

    
      	 	
              (c)

            	
              where
                the poll is not taken forthwith but is taken not more than 48 hours
                after
                it was demanded, be delivered at the meeting at which the poll was
                demanded to the Chairman of the meeting or to any Director, the Secretary
                or some person authorised for the purpose by the
                Secretary

            

    

    

    and
      an
      appointment of proxy not deposited, delivered or received in a manner so
      permitted shall be invalid. No appointment of proxy shall be valid after the
      expiry of 12 months from the date named in it as the date of its execution
      or
      the date of its submission, except at an adjourned meeting or on a poll demanded
      at a meeting or an adjourned meeting in cases where the meeting was originally
      held within 12 months from such date.

    

    
      	77	
              More
                than one proxy may be appointed

            

    

    

    
      	
              77.1

            	
              A
                member may appoint more than one proxy to attend on the same occasion.
                When two or more valid but differing appointments of proxy are delivered
                or received in respect of the same share for use at the same meeting
                and
                in respect of the same matter, the one which is last validly delivered
                or
                received (regardless of its date or of the date of its execution
                or
                submission) shall be treated as replacing and revoking the other
                or others
                as regards that share. If the Company is unable to determine which
                appointment was last validly delivered or received, none of them
                shall be
                treated as valid in respect of that
                share.

            

    

    

    
      	
              78

            	
              Board
                may supply proxy cards

            

    

    

    
      	
              78.1

            	
              The
                Board may at the expense of the Company send or make available, by
                post,
                electronic communication or otherwise, appointments of proxy (reply-paid
                or otherwise) to members for use at any general meeting(s) or at
                any
                separate meeting(s) of the holders of any class of shares, either
                in blank
                or nominating in the alternative any one or more of the Directors
                or any
                other persons. If for the purpose of any meeting invitations to appoint
                as
                proxy a person or one of a number of persons specified in the invitations
                are issued at the expense of the Company, such invitations shall
                subject
                to Article 56 be issued to all (and not some only) of the members
                entitled
                to be sent a notice of the meeting and to vote thereat by
                proxy.

            

    

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

    
      	
              79

            	
              Revocation
                of proxy

            

    

    

    
      	
              79.1

            	
              A
                vote given or poll demanded in accordance with the terms of an appointment
                of proxy shall be valid notwithstanding the death or mental disorder
                of
                the principal or the revocation of the appointment of proxy, or of
                the
                authority under which the appointment of proxy was executed or submitted,
                or the transfer of the share in respect of which the appointment
                of proxy
                is given, unless notice in writing of such death, mental disorder,
                revocation or transfer shall have been received by the Company at
                the
                Office, or at such other place or places or address as has or have
                been
                appointed for the deposit or receipt of appointments of proxy, at
                least 48
                hours before the commencement of the meeting or adjourned meeting
                or the
                taking of the poll at which the appointment of proxy is
                used.

            

    

    

    
      	79A	
              Directors’
                powers to establish verification procedures in connection with
                proxies

            

    

     

    
      	79A.1	
              From
                time to time the Directors may (consistently with the Act, the 2006
                Act
                and these Articles) make such regulations and establish such procedures
                as
                they consider appropriate to receive and verify the appointment or
                revocation of a proxy. Any such regulations may be general or specific
                to
                a particular meeting. Without limitation, any regulations may include
                provisions that the Directors (or some person or persons appointed
                by
                them) may conclusively determine any matter or dispute
                relating:

            

    

     

    
      	
            	(a)	
              to
                the appointment or revocation, or purported appointment or revocation,
                of
                a proxy; and/or

            

    

     

    
      	
            	(b)	
              to
                any instruction contained or allegedly contained in any such
                appointment,

            

    

     

    and
      any
      such regulations may also include rebuttable or conclusive presumptions of
      any
      fact concerning those matters. The Directors may from time to time modify or
      revoke any such regulations as they think fit, provided that no subsisting
      valid
      appointment or revocation of a proxy or any voting instruction shall thereby
      be
      rendered invalid.

     

    
      	
              80

            	
              Corporate
                representative

            

    

    

    
      	
              80.1

            	
              A
                corporation (whether or not a company within the meaning of the Act)
                which
                is a member may, by resolution of its directors or other governing
                body,
                authorise such person or persons as it thinks fit to act as its
                representative (or, as the case may be, representatives) at any meeting
                of
                the Company or at any separate meeting of the holders of any class
                of
                shares. Any person so authorised shall be entitled to exercise the
                same
                powers on behalf of the corporation (in respect of that part of the
                corporation's holdings to which the authority relates) as the corporation
                could exercise if it were an individual member. The corporation shall
                for
                the purposes of these Articles be deemed to be present in person
                at any
                such meeting if a person so authorised is present at it; and all
                references to attendance and voting in person shall be construed
                accordingly. A Director, the Secretary or some person authorised
                for the
                purpose by the Secretary may require the representative to produce
                a
                certified copy of the resolution so authorising him before permitting
                him
                to exercise his powers.

            

    

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

    
      	
              81

            	
              Failure
                to disclose interests in shares

            

    

    

    
      	
              81.1

            	
              If
                a member, or any other person appearing to be interested in shares
                held by
                that member, has been issued with a notice pursuant to section 793
                of the
                2006 Act and has failed in relation to any shares ("the default shares",
                which expression includes shares issued after the date of such notice
                in
                right of those shares) to give the Company the information thereby
                required within the prescribed period from the date of the notice,
                the
                following sanctions shall apply unless the Board otherwise
                determines:

            

    

    

    
      	 	
              (a)

            	
              the
                member shall not be entitled in respect of the default shares to
                be
                present or to vote (either in person or by representative or proxy)
                at any
                general meeting or at any separate meeting of the holders of any
                class of
                shares or on any poll or to exercise any other right conferred by
                membership in relation to any such meeting or poll;
                and

            

    

    

    
      	 	
              (b)

            	
              where
                the default shares represent at least 0.25 per cent. in nominal value
                of
                the issued shares of their class:

            

    

    

    
      	 	
              (i)

            	
              any
                dividend or other money payable in respect of the shares shall be
                withheld
                by the Company, which shall not have any obligation to pay interest
                on it,
                and the member shall not be entitled to elect, pursuant to Article
                151, to
                receive shares instead of that dividend;
                and

            

    

    

    
      	 	
              (ii)

            	
              no
                transfer, other than an excepted transfer, of any shares held by
                the
                member shall be registered unless:

            

    

    

    
      	 	
              (1)

            	
              the
                member is not himself in default as regards supplying the information
                required; and

            

    

    

    
      	 	
              (2)

            	
              the
                member proves to the satisfaction of the Board that no person in
                default
                as regards supplying such information is interested in any of the
                shares
                the subject of the transfer.

            

    

    

    
      	
              81.2

            	
              Where
                the sanctions under paragraph 81.1 of this Article apply in relation
                to
                any shares, they shall cease to have
                effect:

            

    

    

    
      	
            	(a)	
              if
                the shares are transferred by means of an excepted transfer but only
                in
                respect of the shares transferred;
                or

            

    

    

    
      	 	
              (b)

            	
              at
                the end of the period of one week (or such shorter period as the
                Board may
                determine) following receipt by the Company of the information required
                by
                the applicable notice or notices mentioned in that paragraph and
                the Board
                being fully satisfied that such information is full and
                complete.

            

    

    

    
      	
              81.3

            	
              Where,
                on the basis of information obtained from a member in respect of
                any share
                held by him, the Company issues a notice pursuant to section 793
                of the
                2006 Act to any other person, it shall at the same time send a copy
                of the
                notice to the member, but the accidental omission to do so, or the
                non-receipt by the member of the copy, shall not invalidate or otherwise
                affect the application of paragraph 81.1
                above.

            

    

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

     

    
      	
              81.4

            	
              For
                the purposes of this Article 81:

            

    

    

    
      	 	
              (a)

            	
              a
                person, other than the member holding a share, shall be treated as
                appearing to be interested in any shares (or, if applicable, rights
                to
                subscribe for, or convert into, shares) if the member has informed
                the
                Company that the person is, or may be, so interested, or if the Company
                (after taking account of any information obtained from the member
                or from
                a notice pursuant to section 793 of the 2006 Act or from anyone else)
                knows or has reasonable cause to believe that the person is, or may
                be, or
                has been so interested;

            

    

    

    
      	 	
              (b)

            	
              "interested"
                shall be construed in accordance with sections 820 to 825 of the
                2006
                Act;

            

    

    

    
      	 	
              (c)

            	
              reference
                to a person having failed to give the Company the information required
                by
                a notice, or being in default as regards supplying such information,
                includes reference (i) to his having failed or refused to give all
                or any
                part of it and (ii) to his having given information which he knows
                to be
                false in a material particular or having recklessly given information
                which is false in a material
                particular;

            

    

    

    
      	 	
              (d)

            	
              the
                "prescribed period" means 14 days;
                and

            

    

    

    
      	 	
              (e)

            	
              an
                "excepted transfer" means, in relation to any shares held by a
                member:

            

    

    

    
      	 	
              (i)

            	
              a
                transfer by way of or pursuant to acceptance of a take-over offer
                for the
                Company (within the meaning of section 974 of the 2006 Act);
                or

            

    

    

    
      	 	
              (ii)

            	
              a
                transfer in consequence of a sale made through a recognised investment
                exchange (as defined in section 285 of the Financial Services and
                Markets
                Act 2000) or any other stock exchange outside the United Kingdom
                on which
                the Company's shares are normally traded;
                or

            

    

    

    
      	 	
              (iii)

            	
              a
                transfer which is shown to the satisfaction of the Board to be made
                in
                consequence of a sale of the whole of the beneficial interest in
                the
                shares to a person who is unconnected with the member and with any
                other
                person appearing to be interested in the
                shares.

            

    

    

    
      	
              81.5

            	
              Where
                any person appearing to be interested in the default shares has been
                duly
                served with a notice under section 793 of the 2006 Act and the default
                shares which are the subject of such notice or notices are held by
                a
                Depositary the provisions of this Article shall be treated as applying
                only to such default shares held by the Depositary and not (in the
                absence
                of any other reason why they should be so treated) to any other shares
                held by the Depositary.

            

    

    

    
      	
              81.6

            	
              Where
                the member on which a notice under section 793 of the 2006 Act is
                served
                is a Depositary acting in its capacity as such the obligations of
                the
                Depositary as a member of the Company shall be limited to disclosing
                to
                the Company such information relating to any person appearing to
                be
                interested in the shares held by it as has been recorded by it pursuant
                to
                the arrangements entered into by the Company or approved by the Board
                pursuant to which it was appointed as a Depositary or
                otherwise.

            

    

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

     

    
      	
              81.7

            	
              Nothing
                contained in this Article 81 shall limit the power of the Board under
                section 794 of the 2006 Act.

            

    

    

    UNTRACED
      MEMBERS

    

    
      	
              82

            	
              Power
                of sale

            

    

    

    
      	
              82.1

            	
              The
                Company shall be entitled to sell any share of a member, or any share
                to
                which a person is entitled by transmission, if and provided
                that:

            

    

    

    
      	 	
              (a)

            	
              during
                the period of 12 years prior to the date of the publication of the
                advertisements referred to in sub-paragraph (b) below (or, if published
                on
                different dates, the earlier or earliest thereof) no cheque, order
                or
                warrant in respect of such share sent by the Company through the
                post in a
                pre-paid envelope addressed to the member or to the person entitled
                by
                transmission to the share, at his address on the Register or other
                last
                known address given by the member or person to which cheques, orders
                or
                warrants in respect of such share are to be sent has been cashed
                and the
                Company has received no communications in respect of such share from
                such
                member or person, provided that during such period of 12 years the
                Company
                has paid at least three dividends (whether interim or final) and
                no such
                dividend has been claimed by the person entitled to
                it;

            

    

    

    
      	 	
              (b)

            	
              on
                expiry of the said period of 12 years the Company has given notice
                of its
                intention to sell such share by advertisements appearing in one national
                newspaper published in the United Kingdom and one
                newspaper circulating in the area of the address on the Register
                or other
                last known address of the member or the person entitled by transmission
                to
                the share or the address for the service of notices notified under
                Article
                160.3 (unless any such address shall be in Hong Kong), and
                in one leading English language daily newspaper and one leading Chinese
                language daily newspaper printed and circulating in Hong
                Kong;

            

    

    

    
      	 	
              (c)

            	
              the
                said advertisements, if not published on the same day, shall have
                been
                published within 30 days of each
                other;

            

    

    

    
      	 	
              (d)

            	
              during
                the further period of three months following the date of publication
                of
                the said advertisements (or, if published on different dates, the
                later or
                latest thereof) and prior to the exercise of the power of sale the
                Company
                has not received any communication in respect of such share from
                the
                member or person entitled by transmission;
                and

            

    

    

    
      	 	
              (e)

            	
              if
                shares of the class concerned are listed or dealt in on any stock
                exchange, the Company has given notice to that exchange of its intention
                to make such sale.

            

    

    

    
      	
              82.2

            	
              The
                manner, timing and terms of any sale of shares pursuant to this Article
                (including but not limited to the price or prices at which the same
                is
                made) shall be such as the Board determines, based upon advice from
                such
                bankers, brokers or other persons as the Board considers appropriate
                consulted by it for the purposes, to be reasonably practicable having
                regard to all the circumstances including the number of shares to
                be
                disposed of and the requirement that the disposal be made without
                delay;
                and the Board shall not be liable to any person for any of the
                consequences of reliance on such
                advice.

            

    

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

    
      	
              82.3

            	
              To
                give effect to any sale of shares pursuant to this Article the Board
                may
                authorise some person to transfer the shares in question and may
                enter the
                name of the transferee in respect of the transferred shares in the
                Register notwithstanding the absence of any share certificate being
                lodged
                in respect thereof and may issue a new certificate to the transferee
                and
                an instrument of transfer executed by that person shall be as effective
                as
                if it had been executed by the holder of, or person entitled by
                transmission to, the shares. The purchaser shall not be bound to
                see to
                the application of the purchase moneys nor shall his title to the
                shares
                be affected by any irregularity or invalidity in the proceedings
                relating
                to the sale.

            

    

    

    
      	
              82.4

            	
              If
                during the period of 12 years referred to in Article 82.1 above,
                or during
                any period ending on the date when all the requirements of paragraphs
                (a)
                to (d) of Article 82.1 above have been satisfied, any additional
                shares
                have been issued in respect of those held at the beginning of, or
                previously so issued during, any such period and all the requirements
                of
                paragraphs (b) to (d) of Article 82.1 above have been satisfied in
                regard
                to such additional shares, the Company shall also be entitled to
                sell the
                additional shares.

            

    

    

    
      	
              83

            	
              Application
                of proceeds of sale

            

    

    

    
      	
              83.1

            	
              The
                Company shall account to the member or other person entitled to such
                share
                for the net proceeds of such sale by carrying all moneys in respect
                thereof to a separate account. The Company shall be deemed to be
                a debtor
                to, and not a trustee for, such member or other person in respect
                of such
                moneys. Moneys carried to such separate account may either be employed
                in
                the business of the Company or invested in such investments as the
                Board
                may from time to time think fit. No interest shall be payable to
                such
                member or other person in respect of such moneys and the Company
                shall not
                be required to account for any money earned on
                them.

            

    

    

    APPOINTMENT,
      RETIREMENT AND

    REMOVAL
      OF DIRECTORS

    

    
      	
              84

            	
              Number
                of Directors

            

    

    

    
      	
              84.1

            	
              Unless
                and until otherwise determined by the Company by ordinary resolution,
                the
                number of Directors (other than any alternate Directors) shall be
                not less
                than five not more than twenty
                five.

            

    

    

    
      	
              85

            	
              Power
                of Company to appoint Directors

            

    

    

    
      	
              85.1

            	
              Subject
                to the provisions of these Articles, the Company may by ordinary
                resolution appoint a person who is willing to act to be a Director,
                either
                  to fill a vacancy or as an addition to the existing Board, but
                the total
                number of Directors shall not exceed any maximum number fixed in
                accordance with these Articles.

            

    

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

     

    
      	
              86

            	
              Power
                of Board to appoint Directors

            

    

    

    
      	
              86.1

            	
              Without
                prejudice to the power of the Company to appoint any person to be
                a
                Director pursuant to these Articles, the Board shall have power at
                any
                time to appoint any person who is willing to act as a Director, either
                to
                fill a vacancy or as an addition to the existing Board, but the total
                number of Directors shall not exceed any maximum number fixed in
                accordance with these Articles. Any Director so appointed shall retire
                at
                the annual general meeting of the Company next following such appointment
                and shall then be eligible for re-election but shall not be taken
                into
                account in determining the number of Directors who are to retire
                by
                rotation at such meeting.

            

    

    

    
      	
              87

            	
              Appointment
                of executive Directors

            

    

    

    
      	
              87.1

            	
              Subject
                to the provisions of the Act, the Board may from time to time appoint
                one
                or more of its body to hold any employment or executive office for
                such
                term (subject to the provisions of the Act) and subject to such other
                conditions as the Board thinks fit. The Board may revoke or terminate
                any
                such appointment without prejudice to any claim for damages for breach
                of
                contract between the Director and the
                Company.

            

    

    

    
      	
              88

            	
              Eligibility
                of new Directors

            

    

    

    
      	
              88.1

            	
              No
                person, other than a Director retiring (by rotation or otherwise),
                shall
                be appointed or re-appointed a Director at any general meeting
                unless:

            

    

    

    
      	 	
              (a)

            	
              he
                is recommended by the Board; or

            

    

    

    
      	 	
              (b)

            	
              during
                the period commencing on the day after despatch of the notice of
                the
                meeting and ending no later than seven clear days prior to the date
                of
                such meeting, notice duly executed by a member (other than the person
                to
                be proposed) qualified to vote at the meeting has been given to the
                Company of the intention to propose that person for appointment or
                re-appointment, stating the particulars which would, if he were so
                appointed or re-appointed, be required to be included in the Company's
                register of Directors, together with notice executed by that person
                of his
                willingness to be appointed or re-appointed, is lodged at the
                Office.

            

    

    

    
      	
              89

            	
              Share
                qualification

            

    

    

    
      	
              89.1

            	
              A
                Director shall not be required to hold any shares of the
                Company.

            

    

    

    
      	
              90
                

            	
              Resolution
                for appointment

            

    

    

    
      	
              90.1

            	
              A
                resolution for the appointment of two or more persons as Directors
                by a
                single resolution shall be void unless an ordinary resolution that
                it
                shall be so proposed has first been agreed to by the meeting without
                any
                vote being given against it.

            

    

    

    
      	
              91
                

            	
              Retirement
                by rotation

            

    

    

    
      	
              91.1

            	
              At
                each annual general meeting of the Company one-third of the Directors
                who
                are subject to retirement by rotation or, if their number is not
                three or
                a multiple of three, the number nearest to but not exceeding one-third
                shall retire from office.

            

    

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

     

    
      	
              91.2

            	
              In
                addition to the Directors required to retire by rotation under Article
                91.1, there shall also be required to retire by
                rotation:

            

    

    

    
      	
            	(a)	
              any
                Director who at an annual general meeting of the Company shall have
                been a
                Director at each of the preceding two annual general meetings of
                the
                Company and who was not elected or re-elected at either such annual
                general meeting and who has not otherwise ceased to be a Director
                (either
                by resignation, retirement, removal or otherwise) and been re-elected
                by
                general meeting of the Company at or since either such annual general
                meeting; and

            

    

     

    
      	
            	(b)	
              any
                Director who has held office with the Company, other than employment
                or
                executive office, for a continuous period of nine years or more at
                the
                date of the annual general meeting.

            

    

     

    
      	92	
              Directors
                subject to retirement by rotation

            

    

    

    
      	
              92.1
                

            	
              Subject
                to the provisions of the Act and of these Articles, the Directors
                to
                retire by rotation at each annual general meeting shall include,
                so far as
                necessary to obtain the number required, first, any Director who
                wishes to
                retire and not offer himself for re-election and secondly, those
                Directors
                who have been longest in office since their last appointment or
                re-appointment. As between two or more Directors who have been in
                office
                an equal length of time, the Director to retire shall, in default
                of
                agreement between them, be determined by
                lot.

            

    

    

    
      	
              93

            	
              Position
                of retiring Director

            

    

    

    
      	
              93.1

            	
              A
                Director who retires at an annual general meeting (whether by rotation
                or
                otherwise) may, if willing to act, be re-elected. If he is not re-elected
                or deemed to have been re-appointed, he shall retain office until
                the
                meeting appoints someone in his place or, if it does not do so, until
                the
                end of the meeting.

            

    

    

    
      	
              94

            	
              Deemed
                re-appointment

            

    

    

    
      	
              94.1

            	
              At
                any general meeting at which a Director retires by rotation the Company
                may fill the vacancy and, if it does not do so, the retiring Director
                shall, if willing, be deemed to have been re-appointed unless it
                is
                expressly resolved not to fill the vacancy or a resolution for the
                re-appointment of the Director is put to the meeting and
                lost.

            

    

    

    
      	
              95
                

            	
              [Deleted
                by Special Resolution passed on 25 May
                2007.]

            

    

    

    
      	96	
              Removal
                by ordinary resolution

            

    

    

    
      	
              96.1

            	
              The
                Company may by ordinary resolution remove any Director before the
                expiration of his period of office in accordance with the Act, but
                without
                prejudice to any claim for damages which he may have for breach of
                any
                contract of service between him and the Company, and may (subject
                to these
                Articles) by ordinary resolution appoint another person who is willing
                to
                act to be a Director in his place. Any person so appointed shall
                be
                treated, for the purposes of determining the time at which he or
                any other
                Director is to retire, as if he had become a Director on the day
                on which
                the person in whose place he is appointed was last appointed or
                re-appointed a Director.

            

    

    
       

      
        
          
          

        

        
          73

          
            

          

        

        
          
          

        

      

    

    

    
      	
              97
                

            	
              Vacation
                of office by Director

            

    

    

    
      	
              97.1

            	
              Without
                prejudice to the provisions for retirement (by rotation or otherwise)
                contained in these Articles, the office of a Director shall be vacated
                if:

            

    

    

    
      	 	
              (a)

            	
              he
                resigns by notice in writing delivered to the Secretary at the Office
                or
                Head Office of the Company or tendered at a Board
                meeting;

            

    

    

    
      	 	
              (b)

            	
              he
                ceases to be a Director by virtue of any provision of the Act, is
                removed
                from office pursuant to these Articles or becomes prohibited by law
                from
                being a Director;

            

    

    

    
      	 	
              (c)

            	
              he
                becomes bankrupt, has an interim receiving order made against him,
                makes
                any arrangement or compounds with his creditors generally or applies
                to
                the court for an interim order under section 253 of the Insolvency
                Act
                1986 in connection with a voluntary arrangement under that
                Act;

            

      	 	 	 

    

    
      	 	
              (d)

            	
              an
                order is made by any court of competent jurisdiction on the ground
                (howsoever formulated) of mental disorder for his detention or for
                the
                appointment of a guardian or receiver or other person to exercise
                powers
                with respect to his affairs or he is admitted to hospital in pursuance
                of
                an application for admission for treatment under the Mental Health
                Act
                1983 or equivalent legislation in any jurisdiction and the Board
                resolves
                that his office be vacated;

            

    

    

    
      	 	
              (e)

            	
              both
                he and his alternate Director appointed pursuant to the provisions
                of
                these Articles (if any) are absent, without the permission of the
                Board,
                from Board meetings for six consecutive months and the Board resolves
                that
                his office be vacated;

            

    

    

    
      	 	
              (f)

            	
              he
                is requested to resign by notice in writing addressed to him at his
                last
                known address and signed by all his co-Directors (without prejudice
                to any
                claim for damages which he may have for breach of any contract of
                service
                between him and the Company); or

            

    

    

    
      	 	
              (g)

            	
              in
                the circumstances referred to in Article
                95.1.

            

    

    

    
      	
              98

            	
              Resolution
                as to vacancy conclusive

            

    

    

    
      	
              98.1

            	
              A
                resolution of the Board declaring a Director to have vacated office
                under
                the terms of Article 97 shall be conclusive as to the fact and grounds
                of
                vacation stated in the resolution.

            

    

    

    ALTERNATE
      DIRECTORS

    

    
      	
              99

            	
              Appointments

            

    

    

    
      	
              99.1

            	
              Each
                Director (other than an alternate Director) may, by notice in writing
                delivered to the Secretary at the Office or the Head Office, or in
                any
                other manner approved by the Board, appoint any other Director or
                any
                person approved for that purpose by the Board and willing to act,
                to be
                his alternate.

            

    

     

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

    

     

    
      	
              99.2

            	
              No
                appointment of an alternate Director shall be effective until his
                consent
                to act as a Director in the form prescribed by the Act has been received
                at the Office.

            

    

    

    
      	
              99.3

            	
              An
                alternate Director need not hold a share qualification and shall
                not be
                counted in reckoning any maximum number of Directors allowed by these
                Articles.

            

    

    

    
      	
              100

            	
              Participation
                in Board meetings

            

    

    

    
      	
              100.1

            	
              Every
                alternate Director shall (subject to his giving to the Company an
                address
                within the United Kingdom or Hong Kong (or such other country or
                territory
                as the Board may from time to time determine) at which notices may
                be
                served on him) be entitled to receive notice of all meetings of the
                Board
                and all committees of the Board of which his appointor is a member
                and, in
                the absence from such meetings of his appointor, to attend and vote
                at
                such meetings and to exercise all the powers, rights, duties and
                authorities of his appointor. A Director acting as alternate Director
                shall have a separate vote at Board meetings for each Director for
                whom he
                acts as alternate Director, but he shall count as only one for the
                purpose
                of determining whether a quorum is
                present.

            

    

    

    
      	
              101

            	
              Alternate
                Director responsible for own acts

            

    

    

    
      	
              101.1

            	
              Every
                person acting as an alternate Director shall be an officer of the
                Company,
                shall alone be responsible to the Company for his own acts and defaults
                and shall not be deemed to be the agent of the Director appointing
                him.

            

    

    

    
      	
              102

            	
              Interests
                of alternate Director

            

    

    

    
      	
              102.1

            	
              An
                alternate Director shall be entitled to contract and be interested
                in and
                benefit from contracts or arrangements with the Company and to be
                repaid
                expenses and to be indemnified to the same extent mutatis mutandis
                as if
                he were a Director. However, he shall not be entitled to receive
                from the
                Company any fees for his services as alternate, except only such
                part (if
                any) of the fee payable to his appointor as such appointor may by
                notice
                in writing to the Company direct. Subject to this Article, the Company
                shall pay to an alternate Director such expenses as might properly
                have
                been paid to him if he had been a
                Director.

            

    

    

    
      	103	
              Revocation
                of appointment

            

    

    

    
      	
              103.1

            	
              An
                alternate Director shall cease to be an alternate
                Director:

            

    

    

    
      	 	
              (a)

            	
              if
                his appointor ceases for any reason to be a Director, provided that
                if any
                Director retires but is re-appointed or deemed to be re-appointed
                at the
                same meeting, any valid appointment of an alternate Director which
                was in
                force immediately before his retirement shall remain in force;
                or

            

    

    

    
      	 	
              (b)

            	
              if
                any event happens in relation to him which, if he were a Director
                otherwise appointed, would cause him to vacate office;
                or

            

    

    

    
      	 	
              (c)

            	
              if
                his appointor revokes the appointment by notice in writing delivered
                to
                the Secretary at the Office or the Head
                Office.

            

    

    

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

    

    DIRECTORS'
      REMUNERATION,

    EXPENSES
      AND PENSIONS

    

    
      	
              104

            	
              Directors'
                fees

            

    

    

    
      	
              104.1

            	
              The
                Directors (other than alternate Directors) shall be entitled to receive
                by
                way of fees for their services as Directors such sum (or its equivalent
                in
                any other currency at such rate of exchange as the Board shall determine)
                and on such terms as the Company in general meeting may from time
                to time
                determine. Any sum so determined may be an aggregate sum in respect
                of the
                fees for all Directors or a sum in respect of the fees for each individual
                Director provided that, in the case of an aggregate sum, such sum
                shall,
                subject to any special directions of the Company in general meeting,
                be
                divided among the Directors in such proportions and in such manner
                as the
                Board may from time to time decide. Any fees payable pursuant to
                this
                Article shall be distinct from any salary, remuneration or other
                amounts
                payable to a Director pursuant to any other provisions of these Articles
                and shall accrue from day to day.

            

    

    

    
      	
              105

            	
              Expenses

            

    

    

    
      	
              105.1

            	
              Each
                Director shall be entitled to be repaid all reasonable travelling,
                hotel
                and other expenses properly incurred by him in or about the performance
                of
                his duties as Director, including any expenses incurred in attending
                meetings of the Board or any Committee of the Board or general meetings
                or
                separate meetings of the holders of any class of shares or of debentures
                of the Company.

            

    

    

    
      	
              106

            	
              Additional
                remuneration

            

    

    

    
      	
              106.1

            	
              If
                by arrangement with the Board any Director shall perform or render
                any
                special duties or services outside his ordinary duties as a Director,
                he
                may be paid such reasonable additional remuneration (whether by way
                of
                salary, commission, participation in profits or otherwise) as the
                Board
                may from time to time determine.

            

    

    

    
      	107	
              Remuneration
                of executive Directors

            

    

    

    
      	
              107.1

            	
              The
                salary or remuneration of any Director appointed to hold any employment
                or
                executive office in accordance with the provisions of these Articles
                may
                be either a fixed sum of money, or may altogether or in part be governed
                by business done or profits made or otherwise determined by the Board,
                and
                may be in addition to or in lieu of any fee payable to him for his
                services as Director pursuant to these
                Articles.

            

    

    

    
      	
              108

            	
              Pensions

            

    

    

    
      	
              108.1

            	
              The
                Board may exercise all the powers of the Company to provide pensions
                or
                other retirement or superannuation benefits and to provide death
                or
                disability benefits or other allowances or gratuities (whether by
                insurance or otherwise) for any person who is or has at any time
                been a
                Director of the Company or any company which is a subsidiary company
                of or
                allied to or associated with the Company or any such subsidiary or
                any
                predecessor in business of the Company or of any such subsidiary,
                and for
                any member of his family (including a spouse or former spouse) and
                any
                person who is or was dependent on him. For such purpose the Board
                may
                establish, maintain, subscribe and contribute to any scheme, trust
                or fund
                and pay premiums. The Board may procure any of such matters to be
                done by
                the Company either alone or in conjunction with any other person.
                Any
                Director or former Director shall be entitled to receive and retain
                for
                his own benefit any pension or other benefit provided under this
                Article
                and shall not be obliged to account for it to the
                Company.

            

    

    

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

    

    POWERS
      AND DUTIES OF THE BOARD

    

    
      	
              109

            	
              Powers
                of the Board

            

    

    

    
      	
              109.1

            	
              Subject
                to the provisions of the Act, the Memorandum of Association of the
                Company
                and these Articles and to any directions given by special resolution
                of
                the Company, the business of the Company shall be managed by the
                Board,
                which may exercise all the powers of the Company, whether relating
                to the
                management of the business or not. No alteration of the Memorandum
                of
                Association or of these Articles and no such direction given by the
                Company shall invalidate any prior act of the Board which would have
                been
                valid if such alteration had not been made or such direction had
                not been
                given. Provisions contained elsewhere in these Articles as to any
                specific
                power of the Board shall not be deemed to limit the general powers
                given
                by this Article.

            

    

    

    
      	
              110
                

            	
              Powers
                of Directors being less than minimum
                number

            

    

    

    
      	
              110.1

            	
              If
                the number of Directors is less than the minimum for the time being
                prescribed by these Articles, the remaining Director or Directors
                shall
                act only for the purposes of appointing an additional Director or
                Directors to make up such minimum or of convening a general meeting
                of the
                Company for the purpose of making such appointment. If there are
                no
                Director or Directors able or willing to act, any two members may
                summon a
                general meeting for the purpose of appointing Directors. Subject
                to the
                provisions of these Articles, any additional Director so appointed
                shall
                hold office only until the dissolution of the annual general meeting
                of
                the Company next following such appointment unless he is re-elected
                during
                such meeting.

            

    

    

    
      	
              111
                

            	
              Powers
                of executive Directors

            

    

    

    
      	
              111.1

            	
              The
                Board may from time to time:

            

    

    

    
      	 	
              (a)

            	
              delegate
                or entrust to and confer on any Director holding executive office
                (including the Chairman or a Deputy Chairman or a Chief Executive
                or a
                Managing Director) such of its powers, authorities and discretions
                (with
                power to sub-delegate) for such time, on such terms and subject to
                such
                conditions as it thinks fit; and

            

    

    

    
      	 	
              (b)

            	
              revoke,
                withdraw, alter or vary all or any of such
                powers.

            

    

    

    
      	
              112

            	
              Delegation
                to committees

            

    

    

    
      	
              112.1

            	
              The
                Board may delegate any of its powers, authorities and discretions
                (with
                power to sub-delegate) for such time on such terms and subject to
                such
                conditions as it thinks fit to any committee consisting of one or
                more
                Directors and (if thought fit) one or more other persons, provided
                that:

            

    

    

    
      	 	
              (a)

            	
              where
                any committee constituted by the Board pursuant to this Article 112.1
                consists of more than one member, not less than two members of such
                committee shall be Directors or alternate Directors;
                and

            

    

     

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              no
                resolution of a committee shall be effective unless one of those
                present
                when it is passed is a Director (or his
                alternate).

            

    

    

    
      	
              112.2

            	
              The
                Board may confer such powers either collaterally with, or to the
                exclusion
                of and in substitution for, all or any of the powers of the Board
                in that
                respect and may from time to time revoke, withdraw, alter or vary
                any of
                such powers and discharge any such committee in whole or in part.
                Insofar
                as any power, authority or discretion is so delegated, any reference
                in
                these Articles to the exercise by the Board of such power, authority
                or
                discretion shall be construed as if it were a reference to the exercise
                of
                such power, authority or discretion by such
                committee.

            

    

    

    
      	
              113

            	
              Local
                management

            

    

    

    
      	
              113.1

            	
              The
                Board may establish any local or divisional boards or agencies for
                managing any of the affairs of the Company in any specified locality,
                either in the United Kingdom or Hong Kong or elsewhere, and may appoint
                any persons to be members of such local or divisional board, or any
                managers or agents, and may fix their remuneration. The Board may
                delegate
                to any local or divisional board, manager or agent so appointed any
                of its
                powers, authorities and discretions (with power to sub-delegate)
                and may
                authorise the members for the time being of any such local or divisional
                board, or any of them, to fill any vacancies and to act notwithstanding
                vacancies; and any such appointment or delegation may be made for
                such
                time, on such terms and subject to such conditions as the Board may
                think
                fit. The Board may confer such powers either collaterally with, or
                to the
                exclusion of and in substitution for, all or any of the powers of
                the
                Board in that respect and may from time to time revoke, withdraw,
                alter or
                vary all or any of such powers. Subject to any terms and conditions
                expressly imposed by the Board, the proceedings of any local or divisional
                board or agency with two or more members shall be governed by such
                of
                these Articles as regulate the proceedings of the Board, so far as
                they
                are capable of applying.

            

    

    

    
      	
              114

            	
              Power
                of attorney

            

    

    

    
      	
              114.1

            	
              The
                Board may by power of attorney or otherwise appoint any person or
                persons
                to be the agent of the Company and may delegate to any such person
                or
                persons any of its powers, authorities and discretions (with power
                to
                sub-delegate), in each case for such purposes and for such time,
                on such
                terms (including as to remuneration) and subject to such conditions
                as it
                thinks fit. The Board may confer such powers either collaterally
                with, or
                to the exclusion of and in substitution for, all or any of the powers
                of
                the Board in that respect and may from time to time revoke, withdraw,
                alter or vary any of such powers.

            

    

    

    
      	
              115

            	
              Associate
                directors

            

    

    

    
      	
              115.1

            	
              The
                Board may appoint any person (not being a Director) to any office
                or
                employment having a designation or title including the word "director"
                or
                attach to any existing office or employment with the Company such
                designation or title and may terminate any such appointment or the
                use of
                such designation or title. The inclusion of the word "director" in
                the
                designation or title of any such office or employment shall not imply
                that
                such person is, or is deemed to be, or is empowered in any respect
                to act
                as, a Director for any of the purposes of the Act or these
                Articles.

            

    

     

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

    

     

    
      	
              116

            	
              Exercise
                of voting power

            

    

    

    
      	
              116.1

            	
              The
                Board may exercise or cause to be exercised the voting power conferred
                by
                the shares in any other company held or owned by the Company, or
                any power
                of appointment to be exercised by the Company, in such manner in
                all
                respects as it thinks fit (including the exercise of the voting power
                or
                power of appointment in favour of the appointment of any Director
                as a
                director or other officer or employee of such company or in favour
                of the
                payment of remuneration to the directors, officers or employees of
                such
                company).

            

    

    

    
      	
              117

            	
              Provision
                for employees

            

    

    

    
      	
              117.1

            	
              The
                Board may exercise any power conferred on the Company by the Act
                to make
                provision for the benefit of persons employed or formerly employed
                by the
                Company or any of its subsidiaries in connection with the cessation
                or the
                transfer to any person of the whole or part of the undertaking of
                the
                Company or that subsidiary.

            

    

    

    
      	
              118

            	
              Registers
                of members

            

    

    

    
      	
              118.1

            	
              Subject
                to the provisions of the Act, the Board shall keep the following
                registers
                of its members and shall enter therein the particulars specified
                in
                paragraph 118.2 of this Article:—

            

    

    

    
      	
            	(a)	
              in
                the United Kingdom, the Principal
                Register;

            

    

    

    
      	
            	(b)	
              in
                Hong Kong, a register of members resident in Hong Kong which shall
                be
                called "the Hong Kong Overseas Branch
                Register";

            

    

    

    
      	
            	(c)	
              in
                any such countries or territories as the Board may from time to time
                in
                its sole discretion determine, a register of members resident in
                such
                country or territory, each such register being hereinafter referred
                to as
                an "Overseas Branch Register".

            

    

    

    
      	
              118.2

            	
              The
                following particulars shall be entered or stored in the registers
                referred
                to in paragraph 118.1 of this Article:—

            

    

    

    
      	 	
              (a)

            	
              the
                names and addresses of the members respectively entitled and requiring
                to
                be registered in one of such registers, and a statement of the shares
                held
                by each member distinguishing each share by its number so long as
                the
                share has a number, and where the Company has more than one class
                of
                share, by its class and a statement of the amount paid or agreed
                to be
                considered as paid on the shares of each member; Provided that no
                member
                shall be entitled to be entered in more than one register at the
                same time
                in respect of the same shares;

            

    

    

    
      	 	
              (b)

            	
              the
                date at which each member was entered in the register as a member
                in
                respect of any share or shares;

            

    

     

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              the
                date at which each member ceased to be a member in respect of any
                share or
                shares.

            

    

    

    
      	
              118.3

            	
              Subject
                to section 362 and Schedule 14 of the Act, the Board may make and
                vary
                such regulations as it thinks fit respecting the keeping of any of
                the
                registers referred to in paragraph 118.1 and such registers may be
                closed
                from time to time as provided for by Article
                37.

            

    

    

    
      	
              118.4

            	
              The
                Board may at any time serve a written notice on a member who is registered
                in the Hong Kong Overseas Branch Register or in any Overseas Branch
                Register requiring him to provide to the Board any information, supported
                by a declaration and by such other evidence as the Board may require,
                for
                the purpose of determining whether that member is resident in Hong
                Kong or
                in the country or territory in which an Overseas Branch Register
                is
                situated. If such information and evidence is not provided within
                21 days
                of the date of such written notice or the information and evidence
                provided shows that the member is not so resident or is, in the opinion
                of
                the Board, unsatisfactory for the purpose of determining whether
                the
                member is so resident the Board may remove the shares registered
                in the
                name of that member from the Hong Kong Overseas Branch Register or,
                as the
                case may be, from the relevant Overseas Branch Register and register
                such
                shares in the name of that member on the Principal Register and shall
                serve a written notice of such removal and registration on the
                member.

            

    

    

    
      	
              119

            	
              Borrowing
                powers

            

    

    

    
      	
              119.1

            	
              The
                Board may exercise all the powers of the Company to borrow money
                and to
                mortgage or charge all or any part of the undertaking, property and
                assets
                (present or future) and uncalled capital of the Company and, subject
                to
                the provisions of the Act, to issue debentures and other securities,
                whether outright or as collateral security for any debt, liability
                or
                obligation of the Company or of any third
                party.

            

    

    

    PROCEEDINGS
      OF DIRECTORS AND COMMITTEES

    

    
      	
              120

            	
              Board
                meetings

            

    

    

    
      	
              120.1

            	
              Subject
                to the provisions of these Articles, the Board may meet for the despatch
                of business, adjourn and otherwise regulate its proceedings as it
                thinks
                fit. 

            

    

    

    
      	
              121

            	
              Notice
                of Board meetings

            

    

    

    
      	
              121.1

            	
              Board
                meetings shall be convened at any time by the Chairman or by two
                Directors
                or the Secretary at the request of two Directors. A Director may
                waive the
                requirement that notice be given to him of any Board meeting, either
                prospectively or retrospectively. It shall not be necessary to give
                notice
                of a Board meeting to a Director who is absent from the United Kingdom
                or
                Hong Kong (or from such other country or territory as the Board may
                from
                time to time determine) unless he has requested the Board in writing
                that
                notices of Board meetings shall during his absence be given to him
                at any
                address in the United Kingdom or Hong Kong (or in such other country
                or
                territory as the Board may from time to time determine) notified
                to the
                Company for this purpose, but he shall not, in such event, be entitled
                to
                a longer period of notice than if he had been present in the United
                Kingdom or Hong Kong (or in such other country or territory as the
                Board
                may from time to time determine) at that
                address.

            

    

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

     

    
      	122	
              Quorum

            

    

    

    
      	
              122.1

            	
              The
                quorum necessary for the transaction of business may be determined
                by the
                Board and until otherwise so determined shall be three persons, each
                being
                a Director or an alternate Director. A duly convened meeting of the
                Board
                at which a quorum is present shall be competent to exercise all or
                any of
                the authorities, powers, and discretions for the time being vested
                in or
                exercisable by the Board.

            

    

    

    
      	
              123

            	
              Chairman
                of Board

            

    

    

    
      	
              123.1

            	
              The
                Board may appoint one of its body as Chairman to preside at every
                Board
                meeting at which he is present and no more than two other members
                as
                Deputy Chairmen, may determine the period for which he is or they
                are to
                hold office and may at any time remove him or them from office. If
                no such
                Chairman or Deputy Chairman is elected, or if at any meeting neither
                the
                Chairman nor a Deputy Chairman is present within five minutes of
                the time
                appointed for holding the same, the Directors present shall choose
                one of
                their number to be Chairman of such meeting. In the event of two
                or more
                Deputy Chairmen being present, the Deputy Chairman to act as Chairman
                shall be decided by those Directors present. Any Chairman or Deputy
                Chairman may also hold executive office under the
                Company.

            

    

    

    
      	124	
              Voting

            

    

    

    
      	
              124.1

            	
              Questions
                arising at any meeting shall be determined by a majority of votes.
                In the
                case of an equality of votes the Chairman shall have a second or
                casting
                vote.

            

    

    

    
      	
              125

            	
              Participation
                by telephone

            

    

    

    
      	
              125.1

            	
              Any
                Director or his alternate may validly participate in a meeting of
                the
                Board or a committee of the Board through the medium of conference
                telephone or similar form of communication equipment, provided that
                all
                persons participating in the meeting are able to hear and speak to
                each
                other throughout such meeting. A person so participating shall be
                deemed
                to be present in person at the meeting and shall accordingly be counted
                in
                a quorum and be entitled to vote. Such a meeting shall be deemed
                to take
                place where the largest group of those participating is assembled
                or, if
                there is no group which is larger than any other group, where the
                Chairman
                of the meeting then is. 

            

    

    

    
      	
              126

            	
              Resolution
                in writing

            

    

    

    
      	
              126.1

            	
              A
                resolution in writing executed by all the Directors for the time
                being
                entitled to receive notice of a Board meeting and present in the
                United
                Kingdom or Hong Kong (or in such other country or territory as the
                Board
                may from time to time determine), and not being less than a quorum,
                or by
                all the members of a committee of the Board and present in the United
                Kingdom or Hong Kong (or in such other country or territory as the
                Board
                may from time to time determine), shall be as valid and effective
                for all
                purposes as a resolution duly passed at a meeting of the Board (or
                committee, as the case may be). Such a
                resolution:

            

    

    

    
      	 	
              (a)

            	
              may
                consist of several documents in the same form each executed by one
                or more
                of the Directors or members of the relevant committee, including
                by means
                of facsimile transmission;

            

    

     

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              need
                not be signed by an alternate Director if it is signed by the Director
                who
                appointed him; and

            

    

    

    
      	
            	(c)	
              if
                signed by an alternate Director need not also be signed by his
                appointor.

            

    

    

    
      	
              127

            	
              Proceedings
                of committees

            

    

    

    
      	
              127.1

            	
              All
                committees of the Board shall, in the exercise of the powers delegated
                to
                them and in the transaction of business, conform to any mode of
                proceedings and regulations which the Board may prescribe and subject
                thereto shall be governed by such of these Articles as regulate the
                proceedings of the Board as are capable of applying.
                

            

    

    

    
      	
              128

            	
              Minutes
                of proceedings

            

    

    

    
      	
              128.1

            	
              The
                Board shall cause minutes to be made in books kept for the
                purpose:

            

    

    

    
      	 	
              (a)

            	
              of
                all appointments of officers and committees made by the Board;
                and

            

    

    

    
      	 	
              (b)

            	
              of
                all orders, resolutions and proceedings at every meeting of the Company,
                of the Board and of any committee of the
                Board.

            

    

    

    Any
      such
      minutes, if purporting to be signed by the Chairman of the meeting at which
      the
      proceedings were held or by the Chairman of the next succeeding meeting or
      the
      Secretary, shall be receivable as prima facie evidence of the matters stated
      in
      such minutes without any further proof.

    

    
      	
              129

            	
              Validity
                of proceedings

            

    

    

    
      	
              129.1

            	
              All
                acts done by a meeting of the Board, or of a committee of the Board,
                or by
                any person acting as a Director, alternate Director or member of
                a
                committee shall, notwithstanding that it is afterwards discovered
                that
                there was some defect in the appointment of any person or persons
                acting
                as aforesaid, or that they or any of them were or was disqualified
                from
                holding office or not entitled to vote, or had in any way vacated
                their or
                his office, be as valid as if every such person had been duly appointed,
                and was duly qualified and had continued to be a Director, alternate
                Director or member.

            

    

     

    DIRECTORS'
      INTERESTS

    

    
      	
              130

            	
              Director
                may have interests

            

    

    

    
      	
              130.1

            	
              Subject
                to the provisions of the Act and provided that Article 131 is complied
                with, a Director, notwithstanding his
                office:

            

    

    

    
      	 	
              (a)

            	
              may
                enter into or otherwise be interested in any contract, arrangement,
                transaction or proposal with the Company or in which the Company
                is
                otherwise interested, either in regard to his tenure of any office
                or
                place of profit or as vendor, purchaser or
                otherwise;

            

    

     

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              may
                hold any other office or place of profit under the Company (except
                that of
                Auditor or auditor of a subsidiary of the Company) in conjunction
                with the
                office of Director and may act by himself or through his firm in
                a
                professional capacity for the Company, and in any such case on such
                terms
                as to remuneration and otherwise as the Board may arrange, either
                in
                addition to or in lieu of any remuneration provided for by any other
                Article;

            

    

    

    
      	 	
              (c)

            	
              may
                be a director or other officer, or employed by, or a party to any
                transaction or arrangement with or otherwise interested in, any company
                promoted by the Company or in which the Company is otherwise interested
                or
                as regards which the Company has any powers of appointment;
                and

            

    

    

    
      	 	
              (d)

            	
              shall
                not be liable to account to the Company for any profit, remuneration
                or
                other benefit realised by any such office, employment, contract,
                arrangement, transaction or proposal and no such contract, arrangement,
                transaction or proposal shall be avoided on the grounds of any such
                interest or benefit.

            

    

    

    
      	131	
              Disclosure
                of interests to Board

            

    

    

    
      	
              131.1

            	
              A
                Director who, to his knowledge, is in any way (directly or indirectly)
                interested in any contract, arrangement, transaction or proposal
                with the
                Company shall declare the nature of his interest at the meeting of
                the
                Board at which the question of entering into the contract, arrangement,
                transaction or proposal is first considered, if he knows his interest
                then
                exists or, in any other case, at the first meeting of the Board after
                he
                knows that he is or has become so interested. For the purposes of
                this
                Article:

            

    

    

    
      	 	
              (a)

            	
              a
                general notice given to the Board by a Director that he is to be
                regarded
                as having an interest (of the nature and extent specified in the
                notice)
                in any contract, transaction, arrangement or proposal in which a
                specified
                person or class of persons is interested shall be deemed to be a
                sufficient disclosure under this Article in relation to such contract,
                transaction, arrangement or proposal;
                and

            

    

    

    
      	 	
              (b)

            	
              an
                interest of which a Director has no knowledge and of which it is
                unreasonable to expect him to have knowledge shall not be treated
                as an
                interest of his.

            

    

    

    
      	
              132

            	
              Interested
                Director not to vote or count for
                quorum

            

    

    

    
      	
              132.1

            	
              Save
                as provided in this Article, a Director shall not vote on, or be
                counted
                in the quorum in relation to, any resolution of the Board or of a
                committee of the Board concerning any contract, arrangement, transaction
                or any proposal whatsoever to which the Company is or is to be a
                party and
                in which he or any of his associates has a material interest otherwise
                than by virtue of his interest or the interests of his associate(s)
                in
                shares or debentures or other securities of or otherwise in or through
                the
                Company unless the resolution concerns any of the following
                matters:

            

    

     

    
      	 	
              (a)

            	
              the
                giving to him or his associate(s) of any guarantee, security or indemnity
                in respect of money lent or obligations incurred by him or any of
                them at
                the request of or for the benefit of the Company or any of its subsidiary
                undertakings;

            

    

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              the
                giving to a third party of any guarantee, security or indemnity in
                respect
                of a debt or obligation of the Company or any of its subsidiary
                undertakings for which he or his associate(s) has himself/themselves
                assumed responsibility in whole or in part, either alone or jointly
                with
                others, under a guarantee or indemnity or by the giving of
                security;

            

    

    

    
      	 	
              (c)

            	
              any
                proposal concerning an offer of shares or debentures or other securities
                of or by the Company or any of its subsidiary undertakings in which
                offer
                he or his associate(s) is/are or may be entitled to participate as
                a
                holder of securities or in the underwriting or sub-underwriting of
                which
                he is to participate;

            

    

    

    
      	 	
              (d)

            	
              any
                proposal concerning any other body corporate in which he (together
                with
                his associates) does not to his knowledge have an interest (as the
                term is
                used in Part 22 of the 2006 Act) in five per cent. or more of the
                issued
                equity share capital of any class of such body corporate or of the
                voting
                rights available to members of such body
                corporate;

            

    

    

    
      	 	
              (e)

            	
              any
                proposal relating to an arrangement for the benefit of the employees
                of
                the Company or any of its subsidiary undertakings which does not
                award him
                any privilege or benefit not generally awarded to the employees to
                whom
                such arrangement relates; or

            

    

    

    
      	 	
              (f)

            	
              any
                proposal concerning insurance which the Company proposes to maintain
                or
                purchase for the benefit of the Directors or for the benefit of persons
                who include Directors.

            

    

    

    
      	
              133

            	
              Director's
                interest in own appointment

            

    

    

    
      	
              133.1

            	
              A
                Director shall not vote or be counted in the quorum on any resolution
                of
                the Board or committee of the Board concerning his own appointment
                (including fixing or varying the terms of his appointment or its
                termination) as the holder of any office or place of profit with
                the
                Company or any company in which the Company is interested. Where
                proposals
                are under consideration concerning the appointment (including fixing
                or
                varying the terms of appointment or its termination) of two or more
                Directors to offices or places of profit with the Company or any
                company
                in which the Company is interested, such proposals may be divided
                and a
                separate resolution considered in relation to each Director. In such
                case
                each of the Directors concerned (if not otherwise debarred from voting
                under these Articles) shall be entitled to vote (and be counted in
                the
                quorum) in respect of each resolution except that concerning his
                own
                appointment.

            

    

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

     

    

    
      	
              134

            	
              Chairman's
                ruling conclusive on Director's
                interest

            

    

    

    
      	
              134.1

            	
              If
                any question arises at any meeting as to the materiality of a Director's
                interest or the interests
                of his associate(s) (other than the Chairman's interest) or as to
                the
                entitlement of any Director (other than the Chairman) to vote or
                be
                counted in a quorum, and such question is not resolved by his voluntarily
                agreeing to abstain from voting or being counted in the quorum, such
                question shall be referred to the Chairman of the meeting. The Chairman's
                ruling in relation to the Director concerned shall be final and
                conclusive.

            

    

    

    
      	
              135

            	
              Directors'
                resolution conclusive on Chairman's
                interest

            

    

    

    
      	
              135.1

            	
              If
                any question arises at any meeting as to the materiality of the Chairman's
                interest or the interests of his associate(s) or as to the entitlement
                of
                the Chairman to vote or be counted in a quorum, and such question
                is not
                resolved by his voluntarily agreeing to abstain from voting or being
                counted in the quorum, such question shall be decided by resolution
                of the
                Directors or committee members present at the meeting (excluding
                the
                Chairman), whose majority vote shall be final and
                conclusive.

            

    

    

    
      	
              136

            	
              [Deleted
                by Special Resolution passed on 28 May
                1999]

            

    

    

    
      	
              137

            	
              Definitions

            

    

    

    
      	
              137.1

            	
              For
                the purposes of Articles 130 to
                137:

            

    

    

    
      	 	
              (a)

            	
              an
                interest of a person who is for the purposes of the Act connected
                (which
                word shall have the meaning given thereto by section 346 of the Act)
                with
                a Director shall be treated as an interest of the Director;
                

            

    

    

    
      	 	
              (b)

            	
              in
                relation to an alternate Director, an interest of his appointor shall
                be
                treated as an interest of the alternate Director in addition to any
                interest which the alternate Director otherwise has;
                and

            

    

    

    (c) an
      “associate” of a Director shall mean any person who is for the purposes of the
      Act connected (which word shall have the meaning given thereto by section 346
      of
      the Act) with a Director and any person who is an associate of a Director within
      the meaning of rule 1.01 of the rules governing the listing of securities on
      The
      Hong Kong Stock Exchange. 

    

    THE
      SEAL

     

    
      	
              138

            	
              Application
                of Seal

            

    

    

    
      	
              138.1

            	
              The
                Seal shall be used only by the authority of a resolution of the Board
                or
                of a committee of the Board. The Board may determine whether any
                instrument to which the Seal is affixed shall be signed and, if it
                is to
                be signed, who shall sign it. Unless otherwise so
                determined:

            

    

    

    
      	 	
              (a)

            	
              share
                certificates and, subject to the provisions of any instrument constituting
                the same, certificates issued under the Seal in respect of any debentures
                or other securities need not be signed and any signature may be affixed
                to
                or printed on any such certificate by any means approved by the Board;
                and

            

    

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              every
                other instrument to which the Seal is affixed shall be signed by
                one
                Director and by the Secretary or by two
                Directors.

            

    

    

    Every
      certificate or share warrant to bearer shall be issued under the Seal or in
      such
      other manner as the Board, having regard to the terms of issue, the Act and
      the
      regulations of The Hong Kong Stock Exchange and The Stock Exchange, may
      authorise; all references in these Articles to the Seal shall be construed
      accordingly.

    

    
      	
              139

            	
              Deed
                without sealing

            

    

    

    
      	
              139.1

            	
              A
                document signed by a Director and by the Secretary or by two Directors
                and
                expressed (in whatever form of words) to be executed by the Company
                shall
                have the same effect as if it were executed under the Seal, provided
                that
                no instrument shall be so signed which makes it clear on its face
                that it
                is intended by the person or persons making it to have effect as
                a deed
                without the authority of a resolution of the Board or of a committee
                of
                the Board authorised in that behalf. An instrument or document which
                is
                executed by the Company as a deed shall not be deemed to be delivered
                by
                the Company solely as a result of it having been executed by the
                Company.

            

    

    

    
      	
              140
                

            	
              Official
                seal for use abroad

            

    

    

    
      	
              140.1

            	
              Subject
                to the provisions of the Act, the Company may have an official seal
                for
                use in any place outside the United
                Kingdom.

            

    

    

    THE
      SECRETARY

    

    
      	
              141

            	
              The
                Secretary

            

    

    

    
      	
              141.1

            	
              Subject
                to the provisions of the Act, the Board shall appoint a Secretary
                or joint
                secretaries and shall have power to appoint one or more persons to
                be an
                assistant or deputy secretary at such remuneration and on such conditions
                as it thinks fit.

            

    

    

    
      	
              141.2

            	
              Any
                provision of the Act or of these Articles requiring or authorising
                a thing
                to be done by or to a Director and the Secretary shall not be satisfied
                by
                its being done by or to the same person acting both as Director and
                as, or
                in place of, the Secretary.

            

    

    

    DIVIDENDS
      AND OTHER PAYMENTS

    

    
      	
              142

            	
              Declaration
                of dividends

            

    

    

    
      	
              142.1

            	
              Subject
                to the provisions of the Act and of these Articles, the Company may
                by
                ordinary resolution declare dividends to be paid to members according
                to
                their respective rights and interests in the profits of the Company.
                However, no dividend shall exceed the amount recommended by the Board.
                If
                and whenever the shares on which any such dividend is declared are
                denominated in different currencies, the dividend shall be declared
                in a
                single currency (which may be any
                currency).

            

    

    
      
        
        

      

      
        86

        
          

        

      

       

    

    

    
      	
              143
                

            	
              Interim
                dividends

            

    

    

    
      	
              143.1

            	
              Subject
                to the provisions of the Act, the Board may declare and pay such
                interim
                dividends (including any dividend payable at a fixed rate) as appears
                to
                the Board to be justified by the profits of the Company available
                for
                distribution. The Board shall declare such dividend on all shares
                ranking
                pari passu in a single currency (which may be any currency) even
                if such
                shares are denominated in different currencies. If at any time the
                share
                capital of the Company is divided into different classes, the Board
                may
                pay such interim dividends on shares which rank after shares conferring
                preferential rights with regard to dividend as well as on shares
                conferring preferential rights, unless at the time of payment any
                preferential dividend is in arrear. Provided that the Board acts
                in good
                faith, it shall not incur any liability to the holders of shares
                conferring preferential rights for any loss that they may suffer
                by the
                lawful payment of any interim dividend on any shares ranking after
                those
                with preferential rights.

            

    

    

    
      	
              144

            	
              Entitlement
                to dividends

            

    

    

    
      	
              144.1

            	
              Except
                as otherwise provided by the terms of issue of or rights attached
                to any
                shares, all dividends shall be declared and paid according to the
                amounts
                paid up (otherwise than in advance of calls) on the shares on which
                the
                dividend is paid. For this purpose the same amount shall be deemed
                to have
                been paid up on all fully paid Ordinary Shares notwithstanding that
                they
                may be denominated in different currencies. Subject as aforesaid,
                all
                dividends shall be apportioned and paid proportionately to the percentage
                of the nominal amount (which shall in the case of Ordinary Shares
                be
                treated as the same amount as is hereby treated as paid up on all
                fully
                paid Ordinary Shares) paid up on the shares during any portion or
                portions
                of the period in respect of which the dividend is paid, but if any
                share
                is issued on terms providing that it shall rank for dividend as from
                a
                particular date, it shall rank for dividend
                accordingly.

            

    

    

    
      	
              145

            	
              Calls
                or debts may be deducted from
                dividends

            

    

    

    
      	
              145.1

            	
              The
                Board may deduct from any dividend or other money payable to any
                person on
                or in respect of a share all such sums as may be due from him to
                the
                Company on account of calls or otherwise in relation to the shares
                of the
                Company.

            

    

    

    
      	
              146

            	
              Distribution
                in specie

            

    

    

    
      	
              146.1

            	
              The
                Board may direct that payment of any dividend declared may be satisfied
                wholly or partly by the distribution of assets of any kind, and in
                particular of paid up shares or securities or debentures of any other
                company, or in any one or more of such ways. Where any difficulty
                arises
                in regard to such distribution, the Board may settle it as it thinks
                fit.
                In particular, the Board may:

            

    

    

    
      	 	
              (a)

            	
              issue
                fractional certificates (or ignore
                fractions);

            

    

    

    
      	 	
              (b)

            	
              fix
                the value for distribution of such assets or any part thereof and
                determine that cash payments may be made to any members on the footing
                of
                the value so fixed, in order to adjust the rights of members;
                and

            

    

    

    
      	 	
              (c)

            	
              vest
                any such assets in trustees on trust for the persons entitled to
                the
                dividend.

            

    

     

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

     

    
      	
              147

            	
              Dividends
                not to bear interest

            

    

    

    
      	
              147.1

            	
              Unless
                otherwise provided by the rights attached to the share, no dividend
                or
                other moneys payable by the Company or in respect of a share shall
                bear
                interest as against the Company.

            

    

    

    
      	
              148

            	
              Method
                of payment

            

    

    

    
      	
              148.1

            	
              The
                Company may pay any dividend, interest or other sum payable in respect
                of
                a share by cheque, dividend warrant, or money order and may send
                the same
                by post to the registered address (or in the case of a Depositary,
                subject
                to the approval of the Board, such persons and addresses) of the
                member or
                person entitled to it or, if two or more persons are holders of the
                share
                or are jointly entitled to it by reason of the death or bankruptcy
                of the
                member or otherwise by operation of law, to the registered address
                of such
                of those persons as is first named in the Register or to such person
                and
                to such address as such member or person or persons may direct in
                writing.
                Every cheque, warrant or order is sent at the risk of the person
                entitled
                to the money represented by it, shall be crossed in accordance with
                the
                Cheques Act 1992 or in such other manner as the Board may from time
                to
                time approve and shall be made payable to the person or persons entitled,
                or to such other person as the person or persons entitled may direct
                in
                writing. Payment of the cheque, warrant or order shall be a good
                discharge
                to the Company. If any such cheque, warrant or order has or shall
                be
                alleged to have been lost, stolen or destroyed, on request of the
                person
                entitled thereto a replacement cheque or warrant or order may be
                issued
                subject to compliance with such conditions as to evidence and indemnity
                and the payment of out of pocket expenses of the Company in connection
                with the request as the Board may think fit. Any joint holder or
                other
                person jointly entitled to a share may give an effective receipt
                for any
                dividend or other moneys payable in respect of such share. Any such
                dividend, interest or other sum may also be paid by any other method
                (including direct debit or autopay or bank transfer) as the Board
                considers appropriate.

            

    

    

    
      	
              148.2

            	
              The
                Board may at its discretion make provisions to enable a Depositary
                and/or
                any other member as they shall from time to time determine to receive
                dividends duly declared in such currency or currencies and at such
                rate or
                rates of exchange and on such terms and conditions as the Board may
                in its
                absolute discretion determine.

            

    

    

    
      	
              149

            	
              Uncashed
                dividends

            

    

    

    
      	
              149.1

            	
              If
                cheques, warrants or orders for dividends or other moneys payable
                in
                respect of a share sent by the Company to the person entitled thereto
                are
                returned to the Company or left uncashed on two consecutive occasions,
                the
                Company shall not be obliged to send any dividends or other moneys
                payable
                in respect of that share due to that person until he notifies the
                Company
                of an address to be used for the
                purpose.

            

    

    
      
        
        

      

      
        88

        
          

        

      

       

    

    

    
      	
              150

            	
              Unclaimed
                dividends

            

    

    

    
      	
              150.1

            	
              All
                dividends unclaimed for 12 months after having become payable may
                be
                invested or otherwise made use of by the Board for the benefit of
                the
                Company until claimed and the Company shall not be constituted a
                trustee
                in respect thereof. All dividends unclaimed for a period of 12 years
                after
                having become due for payment shall (if the Board so resolves) be
                forfeited and shall cease to remain owing by the
                Company.

            

    

    

    
      	
              151

            	
              Payment
                of scrip dividends

            

    

    

    
      	
              151.1

            	
              The
                Board may, with the prior authority of an ordinary resolution of
                the
                Company and subject to such terms and conditions as the Board may
                determine, offer to any holders of Ordinary Shares the right to elect
                to
                receive in accordance with the provisions of this Article Ordinary
                Shares
                of the same or a different currency, credited as fully paid, instead
                of
                cash in any currency in respect of the whole (or some part, to be
                determined by the Board) of any dividend specified by the ordinary
                resolution. The following provisions shall
                apply:

            

    

    

    
      	 	
              (a)

            	
              the
                said resolution may specify a particular dividend, or may specify
                all or
                any dividends declared within a specified period or
                periods;

            

    

    

    
      	 	
              (b)

            	
              the
                entitlement of each holder of Ordinary Shares to new Ordinary Shares
                shall
                be such that the relevant value of the entitlement shall be as nearly
                as
                possible equal to (but not greater than) the cash amount (disregarding
                any
                tax credit) of the dividend that such holder would have received
                by way of
                dividend in the currency in which such dividend was declared or as
                converted into the equivalent amount in another currency if and in
                such
                manner as the Board shall so determine. For this purpose "relevant
                value"
                shall be calculated by reference to the average of the middle market
                quotations for the Ordinary Shares on The Stock Exchange, as derived
                from
                the Daily Official List, for the day on which the Ordinary Shares
                are
                first quoted "ex" the relevant dividend and the four subsequent dealing
                days, or in such other manner as the Board may determine on such
                basis as
                it considers to be fair and reasonable and the cash amount of the
                relevant
                dividend in a particular currency shall be converted into the equivalent
                amount in another currency if and in such manner as the Board shall
                so
                determine. A certificate or report by the Auditors as to the amount
                of the
                relevant value in respect of any dividend shall be conclusive evidence
                of
                that amount;

            

    

    

    
      	 	
              (c)

            	
              no
                fractions of a share shall be allotted. The Board may make such provisions
                as it thinks fit for the application of any residual dividend entitlement
                remaining following the calculation of the entitlement of a holder
                of
                Ordinary Shares to new Ordinary Shares pursuant to Article
                151.1(b) including provisions whereby, in whole or in part, the benefit
                thereof accrues to the Company and/or under which such entitlements
                are
                accrued and/or retained and in each case accumulated on behalf of
                any
                member and such accruals or retentions are applied to the allotment
                by way
                of bonus to or cash subscription on behalf of such member of fully
                paid
                Ordinary Shares and/or provisions whereby cash payments may be made
                to
                members in respect of such entitlements;

            

    

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              the
                Board shall, after determining the basis of allotment, notify the
                holders
                of Ordinary Shares in writing of the right of election offered to
                them,
                and specify the procedure to be followed and place at which, and
                the
                latest time by which, elections must be lodged in order to be
                effective;

            

    

    

    
      	 	
              (e)

            	
              the
                Board may exclude from any offer any holders of Ordinary Shares or
                any
                Ordinary Shares held by a Depositary where the Board considers that
                the
                making of the offer to them or in respect of such shares would or
                might
                involve the contravention of the laws of any territory or that for
                any
                other reason the offer should not be made to them or in respect of
                such
                shares;

            

    

    

    
      	 	
              (f)

            	
              the
                Board may determine that every duly effected election in respect
                of any
                Ordinary Shares shall be binding on every successor in title to the
                holder
                thereof;

            

    

    

    
      	 	
              (g)

            	
              the
                dividend (or that part of the dividend in respect of which a right
                of
                election has been offered) shall not be payable on Ordinary Shares
                in
                respect of which an election has been duly made ("the elected Ordinary
                Shares") and instead additional Ordinary Shares shall be allotted,
                credited as fully paid, to the holders of the elected Ordinary Shares
                on
                the basis of their entitlement pursuant to paragraph (b) of this
                Article
                151.1. For such purpose the Board may capitalise, out of any amount
                for
                the time being standing to the credit of any reserve or fund (including
                any share premium account or capital redemption reserve) or of any
                of the
                profits which could otherwise have been applied in paying dividends
                in
                cash as the Board may determine, a sum equal to the aggregate nominal
                amount or amounts of the additional Ordinary Shares to be allotted
                on that
                basis and apply it in paying up in full the appropriate number of
                unissued
                Ordinary Shares for allotment and distribution to the holders of
                the
                elected Ordinary Shares on that basis. A Board resolution capitalising
                any
                part of such reserve or fund or profits shall have the same effect
                as if
                such capitalisation had been declared by ordinary resolution of the
                Company in accordance with Article 153 and in relation to any such
                capitalisation the Board may exercise all the powers conferred on
                them by
                Article 153 without need of such ordinary
                resolution;

            

    

    

    
      	 	
              (h)

            	
              the
                additional Ordinary Shares so allotted shall rank pari passu in all
                respects with each other and with the fully paid Ordinary Shares
                in issue
                on the record date for the dividend in respect of which the right
                of
                election has been offered, except that they will not rank for any
                dividend
                or other distribution or other entitlement which has been declared,
                paid
                or made by reference to such record date;
                and

            

    

    

    
      	 	
              (i)

            	
              the
                Board may terminate, suspend or amend any offer of the right to elect
                to
                receive Ordinary Shares in lieu of any cash dividend at any
                time.

            

    

    

    
      	
              152

            	
              Reserves

            

    

    

    
      	
              152.1

            	
              The
                Board may, before recommending any dividend (whether preferential
                or
                otherwise), carry to reserve out of the profits of the Company such
                sums
                as it thinks fit. All sums standing to reserve may be applied from
                time to
                time, at the discretion of the Board, for any other purpose to which
                the
                profits of the Company may properly be applied, and pending such
                application may, at the like discretion, either be employed in the
                business of the Company or be invested in such investments as the
                Board
                thinks fit. The Board may divide the reserve into such special funds
                as it
                thinks fit, and may consolidate into one fund any special funds or
                any
                parts of any special funds into which the reserve may have been divided
                as
                it thinks fit. Any sum which the Board may carry to reserve out of
                the
                unrealised profits of the Company shall not be mixed with any reserve
                to
                which profits available for distribution have been carried. The Board
                may
                also, without placing the same to reserve, carry forward any profits
                which
                it may think prudent not to
                distribute.

            

    

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

     

    
      	
              153

            	
              Capitalisation
                of reserves

            

    

    

    
      	
              153.1

            	
              The
                Board may, with the authority of an ordinary resolution of the
                Company:

            

    

    

    
      	 	
              (a)

            	
              subject
                as provided in this Article, resolve to capitalise any undivided
                profits
                of the Company not required for paying any preferential dividend (whether
                or not they are available for distribution) or any sum standing to
                the
                credit of any reserve or fund of the Company which is available for
                distribution or standing to the credit of share premium account or
                capital
                redemption reserve or other undistributable
                reserve;

            

    

    

    
      	 	
              (b)

            	
              appropriate
                the sum resolved to be capitalised to the holders of Ordinary Shares
                (whether or not fully paid) in proportion to the number of such shares
                held by them respectively and apply such sum on their behalf either
                in or
                towards paying up the amounts, if any, for the time being unpaid
                on any
                shares held by them respectively, or in paying up in full unissued
                shares
                or debentures of the Company of a nominal amount equal to that sum,
                and
                allot the shares or debentures credited as fully paid to those holders
                of
                Ordinary Shares or as they may direct, in those proportions, or partly
                in
                one way and partly in the other, provided that the share premium
                account,
                the capital redemption reserve, any other undistributable reserve
                and any
                profits which are not available for distribution may, for the purposes
                of
                this Article, only be applied in paying up unissued shares to be
                allotted
                to holders of Ordinary Shares credited as fully paid and provided
                further
                that the sum appropriated as hereinbefore mentioned need not be in
                the
                same currency as the securities which it is to be used to pay up
                but in
                that event and for the purpose of determining the extent to which
                such
                securities are paid up by such sum the Board shall select such rate
                of
                exchange as it shall consider
                appropriate;

            

    

    

    
      	 	
              (c)

            	
              resolve
                that any shares so allotted to any holder of Ordinary Shares in respect
                of
                a holding by him of any partly paid shares shall, so long as such
                shares
                remain partly paid, rank for dividends only to the extent that such
                partly
                paid shares rank for dividends;

            

    

    

    
      	 	
              (d)

            	
              make
                such provision by the issue of fractional certificates (or by ignoring
                fractions or by accruing the benefit thereof to the Company rather
                than to
                the holders of Ordinary Shares concerned) or by payment in cash or
                otherwise as it thinks fit in the case of shares or debentures becoming
                distributable in fractions;

            

    

    
      
        
        

      

      
        91

        
          

        

      

       

    

    

    
      	 	
              (e)

            	
              authorise
                any person to enter on behalf of all the holders of Ordinary Shares
                concerned into an agreement with the Company providing for either
                (i) the
                allotment to them respectively, credited as fully paid up, of any
                shares
                or debentures to which they may be entitled on such capitalisation
                or (ii)
                the payment up by the Company on behalf of such holders by the application
                thereto of their respective proportions of the reserves or profits
                resolved to be capitalised, of the amounts or any part of the amounts
                remaining unpaid on their existing shares (any agreement made under
                such
                authority being effective and binding on all such holders);
                and

            

    

    

    
      	 	
              (f)

            	
              generally
                do all acts and things required to give effect to such
                resolution.

            

    

    

    
      	
              153.2

            	
              Whenever
                the Ordinary Shares are denominated in different currencies and the
                Board
                is given authority under Article 153.1 to make an allotment of new
                Ordinary Shares credited as fully paid the holders of Ordinary Shares
                shall unless in respect of all or any of such Shares the Board otherwise
                resolves receive by virtue of such allotment Ordinary Shares (credited
                as
                fully paid) denominated in the same currency as the Ordinary Shares
                in
                right of which they are allotted. If the Board resolves otherwise
                in
                respect of any Ordinary Shares it may determine either that the holders
                of
                such Shares should receive, or that the holders of such Shares should
                have
                the right to elect to receive, Ordinary Shares denominated in some
                currency other than that in which their Shares are denominated and
                so that
                the Board may if it thinks fit exercise its powers under this Article
                differently in relation to different Ordinary Shares. The rights
                attached
                to an Ordinary Share shall not be deemed to be varied or abrogated
                by
                reason only that any Ordinary Share offered or allotted to the holder
                thereof in pursuance of this Article is denominated in a different
                currency from or the same currency as any other Ordinary Share allotted
                to
                any other holder of Ordinary Shares on the same occasion or is denominated
                in the same or a different currency from the Ordinary Share in right
                of
                which it is allotted.

            

    

    

    
      	
              154

            	
              Record
                dates

            

    

    

    
      	
              154.1

            	
              Notwithstanding
                any other provision of these Articles but without prejudice to the
                rights
                attached to any shares and subject always to the Act, the Company
                or the
                Board may by Resolution specify any date (the "record date") as the
                date
                at the close of business (or such other time as the Board may determine)
                on which persons registered as the holders of shares or other securities
                shall be entitled to receipt of any dividend, distribution, interest,
                allotment, issue, notice, information, document or circular and such
                record date may be on or at any time before the date on which the
                same is
                paid or made or (in the case of any dividend, distribution, interest,
                allotment or issue) at any time before or after the same is recommended,
                resolved, declared or announced but without prejudice to the rights
                inter
                se in respect of the same of transferors and transferees of any such
                shares or other securities. Different dates may be fixed as record
                dates
                in respect of shares registered on different
                Registers.

            

    

    
      
        
        

      

      
        92

        
          

        

      

       

    

    

    ACCOUNTS

    

    
      	
              155

            	
              Accounting
                records

            

    

    

    
      	
              155.1

            	
              The
                Board shall cause accounting records to be kept in accordance with
                the
                Act.

            

    

    

    
      	
              156

            	
              Inspection
                of records

            

    

    

    
      	
              156.1

            	
              No
                member (other than a Director) shall have any right to inspect any
                accounting record or other document of the Company unless he is authorised
                to do so by statute, by order of the court, by the Board or by ordinary
                resolution of the Company.

            

    

    

    
      	
              157

            	
              Accounts
                to be sent to members

            

    

    

    
      	
              157.1

            	
              Except
                as provided in Article 158, a printed copy of the Directors' and
                Auditors'
                reports accompanied by printed copies of the balance sheet and every
                document required by the Act to be annexed to the balance sheet and
                of the
                profit and loss account or income and expenditure account (subject
                to the
                provisions of Section 230 of the Act) shall, not less than 21 clear
                days
                before the annual general meeting before which they are to be laid,
                be
                delivered or sent by post to every member and holder of debentures
                of the
                Company and to the Auditors. However, this Article shall not require
                a
                copy of those documents to be sent to any person who under the provisions
                of these Articles is not entitled to receive notices from the Company
                or
                of whose address the Company is unaware or to any holder of debentures
                of
                whose address the Company is unaware or to more than one of the joint
                holders of any shares or debentures. If all or any of the shares
                in or
                debentures of the Company are listed or dealt in on any stock exchange,
                there shall at the same time be forwarded to the secretary of that
                stock
                exchange such number of copies of each of those documents as the
                regulations of that stock exchange may
                require.

            

    

    

    
      	158	
              Summary
                financial statements

            

    

    

    
      	
              158.1

            	
              The
                Company may, in accordance with section 251 of the Act and any regulations
                made under it, send a summary financial statement to any member instead
                of
                or in addition to the documents referred to in Article 157. Where
                it does
                so, the statement shall be delivered or sent by post to the member
                not
                less than 21 clear days before the annual general meeting before
                which
                those documents are to be laid.

            

    

     

    NOTICES

    

    
      	
              159

            	
              Form
                of Notices

            

    

    

    
      	
              159.1

            	
              Notwithstanding
                anything to the contrary in these Articles, any notice, document
                or
                information to be given, sent, issued, deposited, served or delivered
                (or
                the equivalent) to or by any person pursuant to these Articles (other
                than
                a notice calling a meeting of the Directors) shall be in writing
                and, if
                the Board in its absolute discretion considers appropriate for any
                purpose
                or purposes under these Articles, any such notice, document or information
                shall be deemed given, sent, issued, deposited, served or delivered
                (or
                the equivalent) where it is sent in electronic form to an address
                for the
                time being notified for that purpose to the person giving such notice,
                document or information, but subject always to the provisions of
                Article
                162. In the case of notices or other documents or information sent
                in
                electronic form the Board may make this subject to such terms and
                conditions as it shall in its absolute discretion consider appropriate,
                subject to and in accordance with the provisions of the 2006 Act.
                Nothing
                in these Articles shall affect any requirement of the Act and the
                2006 Act
                that any particular offer, notice or other document or information
                be
                served in any particular manner.

            

    

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

     

    
      	
              159.2

            	
              For
                the purposes of these Articles, notices, documents or information
                may be
                sent in electronic form by the Company to a person where (i) such
                person
                has agreed (generally or specifically) that the notice, document
                or
                information may be sent or supplied in that form (and has not revoked
                that
                agreement), including on a website (ii) the notice, document or
                information (as the case may be) is a notice, document or information
                to
                which that agreement applies and (iii) in the case of a notice, document
                or information being made available on a website, a notice is sent
                to the
                person, in a manner for the time being agreed for that purpose between
                that person and the Company notifying such person, of (a) the publication
                of that notice, document or information on the website (b) the address
                of
                the website and (c) the place on that website where the notice, document
                or information may be accessed, and how it may be accessed, and in
                any
                such case the notification referred to in this Article 159.2 shall
                be
                treated as the relevant notice for the purposes of these
                Articles.

            

    

    

    
      	
              159.3

            	
              Subject
                to the 2006 Act, any notice, document or information is validly sent
                or
                supplied by the Company if it is made available on a
                website.

            

    

    

    
      	
              159.4

            	
              Subject
                to the members having resolved that the Company may send or supply
                notices, documents or information to members by making them available
                on a
                website, where the Company requests the agreement of a person to
                receive
                specified notices, documents or information by means of a website
                and the
                Company does not receive a response within the period of 28 days
                (or such
                shorter period as may be required by statute) from the date the Company’s
                request was sent, such person shall be deemed to have agreed to receive
                such notices, documents or information by the means specified in
                the
                request.

            

    

    

    
      	
              159.5

            	
              The
                Company shall, at the request of a member, also provide such member,
                within 21 days of the receipt by the Company of the request, with
                a hard
                copy of any document sent in electronic form in accordance with these
                Articles.

            

    

    

    
      	
              159.6

            	
              Any
                amendment or revocation of a notification given to the Company under
                this
                Article 159 shall only take effect if it is delivered to the Company
                in
                writing, signed by the member and on actual receipt by the Company
                thereof..

            

    

    

    
      	
              159A

            	
              Authentication

            

    

    

    
      	
              159A.1

            	
              For
                the purposes of these Articles, the Company shall treat any document
                received by it as sufficiently authenticated if:
                

            

    

    

    
      	 	
              (a)

            	
              where
                the document is sent in hard copy form, it is signed by the person
                who
                sent it; or

            

    

     

    
      	
            	(b)	
              where
                the document is sent in electronic form, it has been authenticated
                in such
                manner as the Board may, in its absolute discretion, from time to
                time,
                determine, 

            

    

     

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              provided
                that, where a document is sent or supplied to the Company by a person
                on
                behalf of another, the Board may, in its absolute discretion, request
                that
                the sender also provide such reasonable evidence of their authority
                to act
                on such other’s behalf as the Board may specify before the document may be
                treated as sufficiently authenticated.

            

    

    

    
      	
              160

            	
              Service
                of notice on members

            

    

    

    
      	
              160.1

            	
              The
                Company may give any notice or document (including a share certificate)
                to
                a member either personally or by sending it by post in a prepaid
                envelope
                addressed to the member at his registered address or by leaving it
                at that
                address or, in the circumstances referred to in Article 159, by sending
                it
                using electronic communications to an address for the time being
                notified
                to the Company by the member. In the case of a member registered
                on the
                Principal Register or the Hong Kong Overseas Branch Register or an
                Overseas Branch Register any such notice or document may be posted
                either
                in the United Kingdom or in any territory in which any such Register
                is
                maintained.

            

    

    

    
      	
              160.2

            	
              In
                the case of joint holders of a share, all notices or documents shall
                be
                given to the joint holder whose name stands first in the Register
                in
                respect of the joint holding. Notice so given shall be sufficient
                notice
                to all the joint holders.

            

    

    

    
      	
              160.3

            	
              Where
                a member (or, in the case of joint holders, the person first named
                in the
                Register) has a registered address outside Hong Kong or the United
                Kingdom
                but has notified the Company of an address within Hong Kong or the
                United
                Kingdom at which notices or other documents may be given to him or,
                if the
                Board in its absolute discretion permits, an address to which notices
                or
                documents may be sent using electronic communications, he shall be
                entitled to have notices or documents given or sent to him at that
                address
                but otherwise no such member shall be entitled to receive any notice
                or
                document from the Company. If on at least two consecutive occasions
                the
                Company has attempted to send notices or documents using electronic
                communications to an address for the time being notified to the Company
                by
                a member for that purpose but the Company is aware that there has
                been a
                failure of delivery of such notice or document in the manner described
                in
                Article 162.3, then the Company shall thereafter send notices or
                documents
                through the post to such member at his registered address or his
                address
                for the service of notices by post, in which case the provisions
                of the
                remainder of this Article shall apply. If on three consecutive occasions
                notices or documents have been sent through the post to any member
                at his
                registered address or his address for the service of notices but
                have been
                returned undelivered, such member shall not thereafter be entitled
                to
                receive notices or documents from the Company until he shall have
                communicated with the Company and supplied in writing a new registered
                address or address within Hong Kong or the United Kingdom for the
                service
                of notices or, if the Board in its absolute discretion permits, an
                address
                to which notices may be sent using electronic
                communications.

            

    

    

    
      	
              161

            	
              Notice
                in case of death, bankruptcy or mental
                disorder

            

    

    

    
      	
              161.1

            	
              The
                Company may give notice to the person entitled to a share in consequence
                of the death or bankruptcy of a member or otherwise by operation
                of law,
                by sending or delivering it in any manner authorised by these Articles
                for
                the giving of notice to a member, addressed to that person by name,
                or by
                the title of representative of the deceased or trustee of the bankrupt
                or
                by any like description, at the address (if any) within Hong Kong
                or the
                United Kingdom or to which notices may be sent using electronic
                communications supplied for the purpose by the person claiming to
                be so
                entitled. Until such an address has been so supplied, a notice may
                be
                given in any manner in which it might have been given if the death
                or
                bankruptcy or operation of law had not
                occurred.

            

    

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

     

    
      	
              162

            	
              Evidence
                of service

            

    

    

    
      	
              162.1

            	
              Any
                member present, in person or by proxy, at any meeting of the Company
                or of
                the holders of any class of shares of the Company shall be deemed
                to have
                received due notice of such meeting, and, where requisite, of the
                purposes
                for which such meeting was called.

            

    

    

    
      	
              162.2

            	
              Any
                notice or other document, addressed to a member at his registered
                address
                or address for service in Hong Kong or the United Kingdom shall,
                if sent
                by post, be deemed to have been served or delivered on the day after
                the
                day when it was put in the post (or, where second-class mail is employed,
                on the second day after the day when it was put in the post). In
                proving
                such service or delivery it shall be conclusive to prove that the
                envelope
                containing the notice or document was properly addressed and put
                into the
                post as a prepaid letter. Any notice or other document not sent by
                post
                but delivered or left at a registered address or address for service
                in
                Hong Kong or the United Kingdom shall be deemed to have been served
                or
                delivered on the day on which it was so delivered or
                left.

            

    

    

    
      	
              162.3

            	
              Any
                notice or other document addressed to a member shall, if sent using
                electronic communications, be deemed to have been served or delivered
                at
                the expiration of 24 hours after the time it was first sent. In proving
                such service or delivery it shall be conclusive to prove that the
                address
                used for the electronic communication was the address supplied for
                that
                purpose and the electronic communication was properly dispatched,
                unless
                the Company is aware that there has been a failure of delivery of
                such
                notice or document following at least 2 attempts in which case such
                notice
                or document shall be sent to the member at his registered address
                or
                address for service in Hong Kong or the United Kingdom provided that
                the
                date of deemed service or delivery shall be 24 hours from the dispatch
                of
                the original electronic communication in accordance with this Article.
                

            

    

    

    
      	
              162.4

            	
              Any
                notice, document or other information sent or supplied to a member
                by
                means of the Company’s website, in accordance with Article 159, shall be
                deemed to have been received by the intended recipient when the material
                was first made available on the website or, if later, at the time
                the
                intended recipient received (or is deemed to have received) notice
                of the
                fact the material was available on the Company’s
                website.

            

    

    

    
      	
              163

            	
              Notice
                binding on transferees

            

    

    

    
      	
              163.1

            	
              Every
                person who, by operation of law, transfer or by any other means becomes
                entitled to a share shall be bound by any notice in respect of that
                share
                (other than a notice given by the Company under Section 793 of the
                2006
                Act) which, before his name is entered in the Register, has been
                duly
                given to a person from whom he derives his
                title.

            

    

    

    
      	
              164

            	
              Notice
                by advertisement

            

    

    

    
      	
              164.1

            	
              Any
                notice to be given by the Company to the members or any of them,
                and not
                otherwise provided for by these Articles, shall be sufficiently given
                if
                given by advertisement appearing in one leading English language
                daily
                newspaper and one leading Chinese language daily newspaper printed
                and
                circulating in Hong Kong and in at least one leading daily newspaper
                published in the United Kingdom. Any notice given by advertisement
                shall
                be deemed to have been served at noon on the day on which the
                advertisement first appears.

            

    

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

     

    
      	
              164.2

            	
              The
                production in any court or tribunal of any such newspaper containing
                any
                such advertisement shall be sufficient proof of the giving of any
                such
                notice as regards all persons and for all
                purposes.

            

    

    

    
      	
              165

            	
              Suspension
                of postal services

            

    

    

    
      	
              165.1

            	
              If
                at any time by reason of the suspension or curtailment of postal
                services
                within Hong Kong or the United Kingdom the Company is unable effectively
                to convene a general meeting by notices sent through the post, a
                general
                meeting may be convened by a notice advertised in accordance with
                Article
                164.1. Such notice shall be deemed to have been duly served on all
                members
                entitled thereto at noon on the day on which the advertisement first
                appears. In any such case the Company shall send confirmatory copies
                of
                the notice by post if at least seven days prior to the meeting the
                posting
                of notices to addresses throughout Hong Kong and the United Kingdom
                again
                becomes practicable.

            

    

    

    WINDING
      UP

     

    
      	
              166

            	
              Division
                of assets

            

    

    

    
      	
              166.1

            	
              If
                the Company is wound up, the assets available for distribution among
                the
                holders of Ordinary Shares shall be distributed among such holders
                in
                proportion to the number of Ordinary Shares held by them respectively
                notwithstanding that such Ordinary Shares may be denominated in different
                currencies. The distribution of any amount under this Article to
                the
                holder of any Ordinary Share which at the date of such distribution
                is not
                fully paid up shall be adjusted so as to ensure that the holder gives
                credit against such distribution for the amount remaining unpaid
                on his
                share.

            

    

    

    
      	
              166.2

            	
              If
                the Company is wound up the liquidator may, with the sanction of
                an
                extraordinary resolution of the Company and any other sanction required
                by
                law, divide among the members in specie the whole or any part of
                the
                assets of the Company and may, for that purpose, value any assets
                and
                determine how the division shall be carried out as between the members
                or
                different classes of members. Any such division may be otherwise
                than in
                accordance with the existing rights of the members, but if any division
                is
                resolved otherwise than in accordance with such rights, the members
                shall
                have the same right of dissent and consequential rights as if such
                resolution were a special resolution passed pursuant to section 110
                of the
                Insolvency Act 1986. The liquidator may, with the like sanction,
                vest the
                whole or any part of the whole of the assets in trustees on such
                trusts
                for the benefit of the members as he with the like sanction shall
                determine, but no member shall be compelled to accept any assets
                on which
                there is a liability.

            

    

    

    
      	
              167

            	
              Transfer
                or sale under s.110 Insolvency Act
                1986

            

    

    

    
      	
              167.1

            	
              A
                special resolution sanctioning a transfer or sale to another company
                duly
                passed pursuant to section 110 of the Insolvency Act 1986 may in
                the like
                manner authorise the distribution of any shares or other consideration
                receivable by the liquidator among the members otherwise than in
                accordance with their existing rights, and any such determination
                shall be
                binding on all the members, subject to the right of dissent and
                consequential rights conferred by the said
                section.

            

    

    

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

     

    INDEMNITY

    

    
      	
              168

            	
              Right
                to indemnity

            

    

    

    
      	
              168.1

            	
              Subject
                to the provisions of the Act, but without prejudice to any indemnity
                to
                which he may be otherwise entitled, every Director, alternate Director,
                Secretary or other officer of the Company shall be entitled to be
                indemnified out of the assets of the Company against all costs, charges,
                losses, damages and liabilities incurred by him in the actual or
                purported
                execution and/or discharge of his duties or exercise of his
                powers
                and/or otherwise in relation to or in connection with his duties,
                powers
                or office, provided that this Article 168.1 shall be deemed not to
                provide
                for, or entitle any such person to, indemnification to the extent
                that it
                would cause this Article 168.1, or any element of it, to be treated
                as
                void under the Act.

            

    

    

    
      	
              169

            	
              Power
                to insure

            

    

    

    
      	
              169.1

            	
              Subject
                to the provisions of the Act, the Board may purchase and maintain
                insurance at the expense of the Company for the benefit of any person
                who
                is or was at any time a Director or other officer or employee of
                the
                Company against any liability which may attach to him or loss or
                expenditure which he may incur in relation to anything done or alleged
                to
                have been done or omitted to be done as a Director, officer or employee.
                The Board may authorise directors of subsidiaries of the Company
                to
                purchase and maintain insurance at the expense of the Company for
                the
                benefit of any present or former director, other officer or employee
                of
                such company in respect of such liability, loss or
                expenditure.

            

    

    

    UNCERTIFICATED
      SHARES

    

    
      	170	
              Uncertificated
                shares

            

    

    

    
      	
              170.1

            	
              Notwithstanding
                anything in these Articles to the contrary, any shares in the Company
                may
                be issued, held, registered, converted to, transferred or otherwise
                dealt
                with in uncertificated form and converted from uncertificated form
                to
                certificated form in accordance with the Regulations and practices
                instituted by the operator of the relevant system. Any provisions
                of these
                Articles shall not apply to any uncertificated shares to the extent
                that
                such provisions are inconsistent
                with:

            

    

    

    
      	
            	(a)	
              the
                holding of shares in uncertificated
                form;

            

    

    

    
      	 	
              (b)

            	
              the
                transfer of title to shares by means of a relevant system;
                or

            

    

    

    
      	
            	(c)	
              any
                provision of the Regulations.

            

    

    

    
      	
              170.2

            	
              Without
                prejudice to the generality and effectiveness of the
                foregoing:

            

    

    

    
      	 	
              (a)

            	
              Articles
                12, 13 and 34 and the second and third sentence of Article 36 shall
                not
                apply to uncertificated shares and the remainder of Article 36 shall
                apply
                in relation to such shares as if the reference therein to the date
                on
                which the transfer was lodged with the Company were a reference to
                the
                date on which the appropriate instruction was received by or on behalf
                of
                the Company in accordance with the facilities and requirements of
                the
                relevant system;

            

    

     

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              without
                prejudice to Article 35 in relation to uncertificated shares, the
                Board
                may also refuse to register a transfer of uncertificated shares in
                such
                other circumstances as may be permitted or required by the Regulations
                and
                the relevant system;

            

    

    

    
      	 	
              (c)

            	
              references
                in these Articles to a requirement on any person to execute or deliver
                an
                instrument of transfer or certificate or other document which shall
                not be
                appropriate in the case of uncertificated shares shall, in the case
                of
                uncertificated shares, be treated as references to a requirement
                to comply
                with any relevant requirements of the relevant system and any relevant
                arrangements or regulations which the Board may make from time to
                time
                pursuant to Article 170.2(k) below;

            

    

    

    
      	 	
              (d)

            	
              for
                the purposes referred to in Article 42, a person entitled by transmission
                to a share in uncertificated form who elects to have some other person
                registered shall either:

            

    

    

    
      	 	
              (i)

            	
              procure
                that instructions are given by means of the relevant system to effect
                transfer of such uncertificated share to that person;
                or

            

    

    

    
      	 	
              (ii)

            	
              change
                the uncertificated share to certificated form and execute an instrument
                of
                transfer of that certificated share to that
                person;

            

    

    

    
      	 	
              (e)

            	
              the
                Company shall enter on the Principal Register the number of shares
                which
                are held by each member in uncertificated form and in certificated
                form
                and shall maintain the Principal Register in each case as is required
                by
                the Regulations and the relevant system and, unless the Board otherwise
                determines, holdings of the same holder or joint holders in certificated
                form and uncertificated form may be treated by the Company as separate
                holdings for such purpose or purposes as the Board may in its absolute
                discretion determine;

            

    

    

    
      	 	
              (f)

            	
              a
                class of share shall not be treated as two classes by virtue only
                of that
                class comprising both certificated shares and uncertificated shares
                or as
                a result of any provision of these Articles or the Regulations which
                applies only in respect of certificated shares or uncertificated
                shares;

            

    

    

    
      	 	
              (g)

            	
              references
                in Article 44 to instruments of transfer shall include, in relation
                to
                uncertificated shares, instructions and/or notifications made in
                accordance with the relevant system relating to the transfer of such
                shares;

            

    

    

    
      	 	
              (h)

            	
              for
                the purposes referred to in Article 46, the Board may in respect
                of
                uncertificated shares authorise some person to transfer and/or require
                the
                holder to transfer the relevant shares in accordance with the facilities
                and requirements of the relevant
                system;

            

    

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (i)

            	
              for
                the purposes of Article 148.1, any payment in the case of uncertificated
                shares may be made by means of the relevant system (subject always
                to the
                facilities and requirements of the relevant system) and without prejudice
                to the generality of the foregoing such payment may be made by the
                sending
                by the Company or any person on its behalf of an instruction to the
                operator of the relevant system to credit the cash memorandum account
                of
                the holder or joint holders of such shares or, if permitted by the
                Company, of such person as the holder or joint holders may in writing
                direct and for the purposes of Article 148.1 the making of a payment
                in
                accordance with the facilities and requirements of the relevant system
                concerned shall be a good discharge to the
                Company;

            

    

    

    
      	 	
              (j)

            	
              subject
                to the Act, the Board may issue shares as certificated shares or
                as
                uncertificated shares in its absolute discretion and Articles 6,
                151 and
                153 shall be construed accordingly;

            

    

    

    
      	 	
              (k)

            	
              the
                Board may make such arrangements or regulations (if any) as it may
                from
                time to time in its absolute discretion think fit in relation to
                the
                evidencing and transfer of uncertificated shares and otherwise for
                the
                purpose of implementing and/or supplementing the provisions of this
                Article 170 and the Regulations and the facilities and requirements
                of the
                relevant system and such arrangements and regulations (as the case
                may be)
                shall have the same effect as if set out in this Article
                170;

            

    

    

    
      	 	
              (l)

            	
              the
                Board may utilise the relevant system to the fullest extent available
                from
                time to time in the exercise of the Company’s powers or functions under
                the Act or these Articles or otherwise in effecting any actions;
                and

            

    

    

    
      	 	
              (m)

            	
              the
                Board may resolve that a class of shares is to become a participating
                security and may at any time determine that a class of shares shall
                cease
                to be a participating security. 

            

    

    

    
      	
              170.3

            	
              Where
                any class of shares in the capital of the Company is a participating
                security and the Company is entitled under any provisions of the
                Act or
                the rules made and practices instituted by the operator of any relevant
                system or under these Articles to dispose of, forfeit, enforce a
                lien or
                sell or otherwise procure the sale of any shares which are held in
                uncertificated form, such entitlement (to the extent permitted by
                the
                Regulations and the rules made and practices instituted by the operator
                of
                the relevant system) shall include the right
                to:

            

    

    

    
      	 	
              (a)

            	
              request
                or require the deletion of any computer-based entries in the relevant
                system relating to the holding of such shares in uncertificated form;
                and/or

            

    

    

    
      	 	
              (b)

            	
              require
                any holder of any uncertificated shares which are the subject of
                any
                exercise by the Company of any such entitlement, by notice in writing
                to
                the holder concerned, to change his holding of such uncertificated
                shares
                into certificated form within such period as may be specified in
                the
                notice, prior to completion of any disposal, sale or transfer of
                such
                shares or direct the holder to take such steps, by instructions given
                by
                means of a relevant system or otherwise, as may be necessary to sell
                or
                transfer such shares; and/or

            

    

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              appoint
                any person to take such other steps, by instruction given by means
                of a
                relevant system or otherwise, in the name of the holder of such shares
                as
                may be required to effect transfer of such shares and such steps
                shall be
                as effective as if they had been taken by the registered holder of
                the
                uncertificated shares concerned;
                and/or

            

    

    

    
      	 	
              (d)

            	
              transfer
                any uncertificated shares which are the subject of any exercise by
                the
                Company of any such entitlement by entering the name of the transferee
                in
                the Principal Register in respect of that share as a transferred
                share;
                and/or

            

    

    

    
      	 	
              (e)

            	
              otherwise
                rectify or change the Principal Register in respect of that share
                in such
                manner as may be appropriate; and

            

    

    

    
      	 	
              (f)

            	
              take
                such other action as may be necessary to enable those shares to be
                registered in the name of the person to whom the shares have been
                sold or
                disposed of or as directed by him. 

            

    

    

    
      	170.4	
              For
                the purposes of this Article 170:

            

    

    

    
      	 	
              (a)

            	
              words
                and expressions shall have the same respective meanings as in the
                Regulations;

            

    

    

    
      	 	
              (b)

            	
              references
                herein to an uncertificated share or to a share (or to a holding
                of
                shares) being in uncertificated form are references to that share
                being an
                uncertificated unit of a security, and references to a certificated
                share
                or to a share being in certificated form are references to that share
                being a unit of a security which is not an uncertificated unit;
                and

            

    

    

    
      	 	
              (c)

            	
              "cash
                memorandum account" means an account so designated by the operator
                of the
                relevant system.

            

    

    

    
      
        
        

      

      
        101EXHIBIT 4.1  

ELDORADO GOLD CORPORATION

 

AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN

 

EMPLOYEES, CONSULTANTS & ADVISORS

(April 28, 2005)

 

1.         Purpose of the Plan:  The purpose of this Stock Option Plan (the “Plan”) is to (a) assist Eldorado Gold Corporation (the “Company”) in attracting, retaining and motivating employees, consultants and advisors of the Company and of its affiliates (as defined under the Securities Act, (Ontario)) and directors and officers of the Company’s affiliates and (b) closely align the personal interests of such employees, consultants, advisors, directors and officers with those of the shareholders by providing them with the opportunity, through options, to acquire common shares (“Common Shares”) in the capital of the Company.

2.         Implementation:  The grant and exercise of any options under the Plan are subject to compliance with the applicable requirements of each stock exchange on which the shares of the Company are or become listed and of any governmental authority or regulatory body to which the Company is subject. 

3.         Administration:  The Plan shall be administered by the Board of Directors of the Company (the “Board”) which shall, without limitation, have full and final authority in its discretion, but subject to the express provisions of the Plan, to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it and to make all other determinations and actions deemed necessary or advisable for the administration of the Plan, including without limitation, for the purpose of ensuring compliance with Section 10 hereof.  Any such interpretation, rule, determination or other act of the Board shall be conclusively binding upon all persons.  The Board may delegate any or all of its authority with respect to the administration of the Plan and any or all of the rights, powers and discretion
with respect to the Plan granted to it under this Plan to the Compensation Committee or such other committee of directors of the Company as the board of directors may designate.  Upon any such delegation the Compensation Committee or other committee of directors, as the case may be, as well as the Board, shall be entitled to exercise any or all of such authority, rights, powers and discretion with respect to the Plan.  When used in the context of this Plan “Board” shall be deemed to include the Compensation Committee or other committee of directors acting on behalf of the board of directors.

4.         Number of Shares Under Plan:  Subject to reloading and to adjustments as permitted herein, 13,822,947 Common Shares (the “Optioned Shares”) shall be reserved, set aside and made available for issue under and in accordance with the Plan. In no event shall options be granted entitling any single individual to purchase in excess of one half of one percent (0.5%) of the then outstanding Common Shares.  The total number of Common Shares that may be reserved for issuance to all non-executive directors pursuant to options shall not exceed one half of one percent (0.5%) of the Common Shares 

2

 

outstanding on a non-diluted basis on the grant date of the options.  Notwithstanding section 6, in determining those non-executive directors entitled to grants of options and the number of options to be granted to non-executive directors, the Board shall not discriminate against any particular non-executive director and shall make such determinations in accordance with its duties to act honestly and in good faith with a view to the best interest of the Company.  If option rights granted to an individual under the Plan are exercised, cancelled, expire or terminate for any reason in respect of certain Optioned Shares, such Optioned Shares may be made available for other options to be granted under the Plan.

[This section 4 amendment approved by: Shareholders resolutions as of June 5, 1995, to increase maximum number of shares from 1,180,000 to 2,000,000; June 27, 1996 to increase maximum number from 2,000,000 to 8,000,000; and May 31, 2000, to increase maximum number from 8,000,000 to 10,200,000; by Directors resolution as of January 30, 2004 to increase maximum number from 10,200,000 to 12,741,463; and by Shareholders resolutions as of April 28, 2005 to increase maximum number from 12,741,463 to 13,813,688.]

	
            5.
 	
            Limits:
 

	
             
 	
            (a)
 	
            The maximum number of Common Shares issued and issuable pursuant to options granted under the Plan to Participants (as hereinafter defined), together with the number of Common Shares issued and issuable to any eligible participant under the Company’s Officers & Directors Incentive Stock Option Plan (as may be amended from time to time) and any other previously established or proposed share compensation arrangements, shall not exceed 9% of the Common Shares outstanding on a non-diluted basis at the date of grant of the options. 
 

	
             
 	
            (b)
 	
            The maximum number of Common Shares issued and issuable pursuant to options granted under the Plan to Participants, together with the number of Common Shares issued and issuable to Participants under any other previously established or proposed share compensation arrangements shall not exceed 5% of the Common Shares outstanding on a non-diluted basis at the date of grant of the options.
 

	
            6.
 	
            Eligibility:  Options may be granted under the Plan to any person who is a:
 

	
             
 	
            (a)
 	
            full-time or part-time employee of the Company or of its affiliates,
 

	
             
 	
            (b)
 	
            consultant or advisor of the Company or of its affiliates that in the reasonable opinion of the Board, spends or will spend a significant amount of time and attention on the affairs and business of the Company or an affiliate of the Company, or
 

	
             
 	
            (c)
 	
            director or officer of an affiliate of the Company,
 

as the Board may from time to time designate as a participant (a “Participant”) under the Plan.  A person who is an officer or director of the Company is not eligible for grants of 

3

 

options under this Plan.  Subject to the provisions of this Plan, the total number of Optioned Shares to be made available under the Plan and to each Participant, the time or times and price or prices at which options shall be granted, the time or times at which such options are exercisable, and any conditions or restrictions on the exercise of options, shall be determined by the Board in its sole discretion.

	
            7.
 	
            Terms and Conditions:
 

	
             
 	
            (a)
 	
            Exercise Price:  The exercise price to each Participant for each Optioned Share shall be as determined by the Board, but shall in no event be less than the closing board lot price of the Common Shares on The Toronto Stock Exchange (“TSX”) on the last business day before the date on which the option is granted.  If no Common Shares traded on such day, then the exercise price shall  be the last board lot sale prior thereto.
 

	
             
 	
            (b)
 	
            Option Agreement:  All options shall be granted under the Plan by means of an agreement (the “Option Agreement”) between the Company and each Participant in the form as may be approved by the Board.  The Board may authorize one or more officers of the Company to execute and deliver and to receive documents on behalf of the Company.
 

	
             
 	
            (c)
 	
            Length of Grant:  All options granted under the Plan shall expire not later than 4:30 p.m. (Vancouver time) on the tenth anniversary of the date such options were granted.
 

	
             
 	
            (d)
 	
            Non-Assignability of Options:  An option granted under the Plan shall not be transferable or assignable (whether absolutely or by way of mortgage, pledge or other charge) by a Participant other than by will or other testamentary instrument or the laws of succession and, subject to paragraph (k), may be exercisable during the lifetime of the Participant and, subject to paragraph (f), only by the Participant.
 

	
             
 	
            (e)
 	
            Vesting of Options:  Without restricting the authority of the Board in respect of the terms of options to be granted hereunder, the Board may at its discretion, in respect of any such option, provide that the right to exercise such option will vest in installments over the life of the option, with the option being fully-exercisable only when such required time period or periods have elapsed and in connection therewith determine the terms under which vesting of options may be accelerated.  Subject to the foregoing, each Participant, upon becoming entitled to exercise the option in respect of any Optioned Shares in accordance with the Option Agreement, shall be entitled to exercise the option to purchase such Optioned Shares at any time prior to the expiration or other termination of the Option
Agreement.
 

	
             
 	
            (f)
 	
            Exercise and Payment:  Any option granted under the Plan may be exercised by a Participant, or in the case of death, disability or illness, the legal representative of a Participant giving notice to the Company specifying the number of shares in respect of which such option is being 
 

4

 

exercised, accompanied by payment, in a form acceptable by the Company of the entire exercise price (determined in accordance with the Option Agreement) for the number of shares specified in the notice.  Upon any such exercise of an option by a Participant the Company shall cause the transfer agent and registrar of the Common Shares to promptly deliver to such Participant or the legal representative of such Participant, as the case may be, a share certificate in the name of such Participant or the legal representative of such Participant, as the case may be, representing the number of shares specified in the notice. 

	
             
 	
            (g)
 	
            Rights to Participants:  The Participants shall have no rights as shareholders in respect to any of the Optioned Shares (including, without limitation, any right to receive dividends or other distributions, voting rights, warrants or rights under any rights offering) other than Optioned Shares in respect to which Participants have exercised their option to purchase and which have been issued by the Company.
 

	
             
 	
            (h)
 	
            Third Party Offer:  If, at any time when an option granted under the Plan remains unexercised with respect to any Optioned Shares, an Offer to purchase all of the Common Shares of the Company is made by a third party, the Company shall use its best efforts to bring such offer to the attention of the Participants as soon as practicable and the Company may, at its option, require the acceleration of the time for the exercise of the option rights granted under the Plan and of the time for the fulfillment of any conditions or restrictions on such exercise (including without limitation vesting requirements).
 

	
             
 	
            (i)
 	
            Alterations in Shares:  In the event of a share dividend, share split, share consolidation, share reclassification, exchange of shares, recapitalization, amalgamation, merger, consolidation, corporate arrangement, reorganization, liquidation or the like of or by the Company, the Board may make such adjustment, if any, of the number of Optioned Shares, or of the exercise price, or both, as it shall deemed appropriate to give proper effect to such event, including to prevent, to the extent possible, substantial dilution or enlargement of rights granted to Participants under the Plan.  In any such event, the maximum number of shares available under the Plan may be appropriately adjusted by the Board.  If because of a proposed merger, amalgamation or other corporate arrangement or reorganization, the
exchange or replacement of shares in the Company of those in another company is imminent, the Board may, in a fair and equitable manner, determine the manner in which all unexercised option rights granted under the Plan shall be treated including, for example, requiring the acceleration of the time for the exercise of such rights by the Participants and of the time for the fulfillment of any conditions or restrictions on such exercise(including without limitation vesting requirements).  All determinations of the Board under this paragraph (i) shall be conclusively binding upon all persons.
 

5

 

	
             
 	
            (j)
 	
            Termination, Retirement or Resignation:  Except as otherwise provided in this paragraph (j) or in paragraph (k), if a Participant’s employment, appointment as director or engagement as a consultant or advisor is terminated by the Participant or by the Company or by one of its affiliates all unexercised option rights of that Participant under the Plan shall immediately terminate, notwithstanding the original term of the option granted to such Participant under the Plan.  Upon termination, other than for cause, Retirement (as hereafter defined), death, disability and illness, the Board will have the discretion to extend the expiry date of such options, to the extent such options were exercisable and had vested, for a period of 30 days from the date of termination, provided however that such period
does not extend beyond the original term of the option.  For the purposes of this paragraph, termination is determined to be the last day of active employment with the Company or its affiliate, as the case may be, regardless of any salary continuance or notice period provided from or to the Company or its affiliate.
 

Any Participant whose employment with the Company is terminated due to retirement on or after such Participant’s normal retirement date under the Company’s applicable retirement policy or due to early retirement with the consent of the Board (collectively, “Retirement”) shall have 365 days from the date of such termination to exercise any option granted hereunder to the extent such option was exercisable and had vested on such date of termination; provided, however, that no option shall be exercisable following the expiration of the original term of the option.  

	
             
 	
            (k)
 	
            Deceased or Disabled Participant:  In the event of the death, disability or illness of any Participant, the legal representatives of such Participant shall have the right for a period of 365 days from the date of death, disability or illness of the Participant to exercise the Participant’s option with respect to all of the Optioned Shares of the Participant to the extent they were exercisable and had vested on the date of death, disability or illness, provided however that such period does not extend beyond the original term of the option.
 

8.         Amendment and Discontinuance of Plan: The Board may from time to time amend or revise the terms of the Plan or may discontinue the Plan at any time, provided that no such action may in any manner adversely affect the rights under any options earlier granted to a Participant under the Plan without the consent of that Participant.   Without limiting the foregoing, the Board is specifically authorized to amend or revise the terms of the Plan without obtaining shareholder approval in the following circumstances:

	
             
 	
            (a)
 	
            to change the vesting provisions;
 

	
             
 	
            (b)
 	
            to change the termination provision of the options or Plan which does not extend beyond the original expiry date;
 

6

 

	
             
 	
            (c)
 	
            to amend the eligibility requirements of Participants which would have the potential of broadening or increasing insider participation;
 

	
             
 	
            (d)
 	
            to add a cashless exercise feature, payable in cash or securities, whether or not the feature provides for a full deduction of the number of underlying securities from the reserved Common Shares; 
 

	
             
 	
            (e)
 	
            to add a deferred or restricted share unit or any other provision which results in Participants receiving securities while no cash consideration is received by the Company; or
 

	
            (f)
 	
            other amendments of a housekeeping nature.
 

Except as otherwise permitted by the TSX, amendments to the number of Common Shares issuable under the Plan, (including an increase to a fixed maximum number of Common Shares or fixed maximum percentage of Common Shares or a change from a fixed maximum  number to a fixed maximum percentage of Common Shares) may not be made without obtaining approval of the Shareholders in accordance with TSX requirements.  For greater certainty an increase does not include reloading after exercise under a fixed maximum number or percentage provided the fixed maximum is not increased and the Plan otherwise permits reloading.

The exercise price of any outstanding options may not be reduced unless Shareholder approval is obtained by way of a resolution passed by a majority of the votes cast by the Shareholders at a meeting of Shareholders.  The exercise price of any outstanding options may not be reduced and the original term of the option may not be extended to the benefit of Insiders, unless disinterested Shareholder approval is obtained in accordance with TSX requirements.  

Any amendment to any provision of the Plan shall be subject to any necessary approvals of the TSX and any other stock exchange or regulatory body having jurisdiction over the securities of the Company.

Notwithstanding any provisions contained in the Plan or any option, if any amendment, modification or termination to the provisions hereof or any option made pursuant hereto are required by any securities regulators, a stock exchange or a market as a condition of approval to a distribution to the public of any shares or to obtain a listing or quotation of any shares, the Board is authorized to make such amendments and thereupon the terms of the Plan, any options, including any option agreement made pursuant hereto, shall be deemed to be amended accordingly without requiring the consent or agreement of any Participant or shareholder approval. 

Notwithstanding any provision contained in the Plan, effective April 28, 2005, the Plan must be reconfirmed, every three years, by a resolution passed by a majority of the votes cast by Shareholders at a meeting of Shareholders and if the Plan is not reconfirmed by the Shareholders as required by this provision, no further grants of options may be made under the Plan.  

7

 

9.         No Further Rights: Nothing contained in the Plan nor in any option granted under this Plan shall give any participant or any other person, any interest or title in or to any Common Shares or any rights as a shareholder of the Company or any other legal or equitable right against the Company other than as set out in the Plan and pursuant to the exercise of any option, nor shall it confer upon the Participants any right to continue as an employee, consultant or advisor of the Company or its affiliates or a director or officer of the Company’s affiliates.

10.       Compliance with Laws: The obligations of the Company to sell Common Shares and deliver share certificates under the Plan are subject to such compliance by the Company and the Participants as the Company deems necessary or advisable with all applicable corporate and securities laws, rules and regulations and rules of the TSX and any other stock exchange having jurisdiction on the securities of the Company.  For greater certainty, the Company shall in no event be obligated to take any action in order to cause the issuance and delivery of such certificates to comply with any laws, regulations, rules, orders or requirements.

	
            11.
 	
            Interpretation:
 

	
             
 	
            (a)
 	
            The use of the masculine gender in this Plan shall be deemed to include or be replaced by the feminine gender where appropriate to the particular Participant.
 

	
             
 	
            (b)
 	
            Where used herein, “Insider” means an insider as defined in the Securities Act (Ontario) (“OSA”) and includes associates and affiliates as defined in the OSA but excludes a director or officer of a subsidiary or affiliate of the Company unless such director or officer:
 

	
             
 	
            (i)
 	
            in the ordinary course receives or has access to information as material facts or material changes concerning the listed issuer before the material facts or material changes are generally disclosed;
 

	
             
 	
            (ii)
 	
            is a director or senior officer of a major subsidiary (as defined in National Instrument 55-101) of the listed issuer; or
 

	
             
 	
            (iii)
 	
            is an insider of the listed issuer in a capacity other than as a director or senior director of the subsidiary or affiliate.
 

	
             
 	
            (c)
 	
            Where used herein, “Shareholder” means the holders of the Common Shares.
 

(Amendments made to Plan by Directors’ resolution dated December 1, 1994, March 22, 2000, April 30, 2003 and January 30, 2004 pursuant to the authority granted under section 8 hereof.  Amended and Restated Plan approved by Shareholder resolution as of April 28, 2005.)

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