CONTENTS
Page
5
7
9
Letter from the Chairman of Midland
Letter from the Chairman of HSBC Holdings
Letter from Schroders
1.
Introduction
2.
The Final Offer
10
3.
The Cash Election
10
4.
Details of the new HSBC Holdings shares
11
5.
Details of the new HSBC Holdings bonds
11
6.
Financial effects of acceptance of the Final Offer
12
7.
Terms and conditions of the Final Offer
13
8.
Management and employees
14
9.
Midland share option schemes
14
10.
Taxation
14
11.
Procedure for acceptance
15
12.
Listings and dealings
17
13.
Settlement
18
14.
Further information
19
Definitions
19
Appendices
I
Conditions and further terms of the Final Offer and the Cash Election
20
II
Additional information
25
4