Dividend Declaration

HSBC Holdings PLC
12 January 2004



12 January 2004

                               HSBC HOLDINGS PLC

            PAYMENT OF DIVIDENDS IN UNITED STATES DOLLARS, STERLING

                              OR HONG KONG DOLLARS


On 10 November 2003, the Directors of HSBC Holdings plc declared a second
interim dividend for 2003 of US$0.12 per ordinary share. The dividend is payable
on 20 January 2004 to shareholders on the Principal Register or Hong Kong
Overseas Branch Register at close of business on 28 November 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 12 January 2004 (US$1 = HK$7.7616 and £1 = US$1.8532).
Accordingly, the amount payable on 20 January will be:


                US$0.12 per share;

                approximately HK$0.931392 per share; or

                approximately £0.06475 per share.


The dividend payable to holders of American Depositary Shares ('ADSs'), each of
which represents five ordinary shares, will be US$0.60 per ADS. The dividend
will be paid on 20 January 2004 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.

R H Musgrove

Assistant Secretary

HSBC Holdings plc



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