Dividend Declaration

HSBC Holdings PLC
29 September 2003

29 September 2003

                               HSBC HOLDINGS PLC
            PAYMENT OF DIVIDENDS IN UNITED STATES DOLLARS, STERLING
                              OR HONG KONG DOLLARS

On 4 August 2003, the Directors of HSBC Holdings plc declared a first interim
dividend for 2003 of US$0.24 per ordinary share. The dividend is payable on 7
October 2003 to shareholders on the Principal Register or Hong Kong Overseas
Branch Register at close of business on 22 August 2003 in cash in US dollars,
sterling or Hong Kong dollars, or a combination of these currencies and with a
scrip dividend alternative.

In the absence of instructions to the contrary, shareholders on the Principal
Register will automatically receive dividends in sterling. Shareholders on the
Hong Kong Overseas Branch Register will automatically receive dividends in Hong
Kong dollars.

Dividends payable in cash in sterling or Hong Kong dollars will be converted
from US dollars at the forward exchange rates quoted by HSBC Bank plc in London
at 11.00 am on 29 September 2003 (US$1 = HK$7.7488 and £1 = US$1.64892).
Accordingly, the amount payable on 7 October will be:

                US$0.24 per share;

                approximately HK$1.859712 per share; or

                approximately £0.14555 per share.

The dividend payable to holders of American Depositary Shares ('ADSs'), each of
which represents five ordinary shares, will be US$1.20 per ADS. The dividend
will be paid on 7 October 2003 in cash in US dollars or in new shares to those
who have elected to receive the scrip dividend alternative. The cash dividend
for participants in the dividend reinvestment plan, operated by the depositary,
will be invested in additional ADSs.



P A Stafford

Assistant Group Secretary

HSBC Holdings plc



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