Dividend Declaration

HSBC Holdings PLC
04 May 2004


                                  ANNOUNCEMENT

HSBC HOLDINGS PLC - FIRST INTERIM DIVIDEND FOR 2004

In accordance with its policy of paying quarterly dividends in a pattern of
three equal dividends with a variable fourth interim dividend, and as envisaged
in the announcement of the 2003 Annual Results on 1 March 2004, the Board of
HSBC Holdings plc has declared a first interim dividend of US$0.13 per ordinary
share in respect of the year ending 31 December 2004. The dividend will be
payable on 7 July 2004 to shareholders on the Register on 21 May 2004. The
ordinary shares will be quoted ex-dividend in London, Hong Kong and Bermuda on
19 May 2004 and in Paris on 24 May 2004. The American Depositary Shares will be
quoted ex-dividend in New York on 19 May 2004.

Payment on Ordinary Shares

The first interim dividend will be payable in cash, in US dollars, sterling or
Hong Kong dollars, or a combination of these currencies, at the forward exchange
rates quoted by HSBC Bank plc in London at or about 11.00 am on 28 June 2004,
with a scrip dividend alternative. Particulars of these arrangements will be
mailed to shareholders on or about 2 June 2004, and elections will be required
to be made by 23 June 2004.

Any person who has acquired shares registered on the Principal Register in the
United Kingdom but who has not lodged the share transfer with the Principal
Registrar should do so before 4.00 pm on Friday 21 May 2004 in order to receive
the dividend.

The Hong Kong Overseas Branch Register of shareholders will be closed for one
day, on Friday 21 May 2004. Any person who has acquired shares registered on
that Branch Register but who has not lodged the share transfer with the Hong
Kong Branch Registrar should do so before 4.00 pm on Thursday 20 May 2004 in
order to receive the dividend. Transfers may not be made to or from the Hong
Kong Overseas Branch Register while that Branch Register is closed.

Any person who has acquired shares registered on the Bermuda Overseas Branch
Register of shareholders but who has not lodged the share transfer with the
Bermuda Branch Registrar should do so before 4.00 pm on Friday 21 May 2004 in
order to receive the dividend.

Payment on shares held through Euroclear France

The dividend will be payable on shares held through Euroclear France, the
settlement and central depositary system for Euronext Paris, on 7 July 2004 to
the holders of record on 21 May 2004. The dividend will be payable in cash, in
euros at the exchange rate on 28 June 2004, or as a scrip dividend. Particulars
of these arrangements will be announced through Euronext Paris on 26 May.

Payment on American Depositary Shares

The dividend will be payable on American Depositary Shares, each of which
represents five ordinary shares, on 7 July 2004 to holders of record on 21 May
2004. The dividend of US$0.65 per American Depositary Share will be payable in
cash in US dollars or as a scrip dividend of new American Depositary Shares.
Particulars of these arrangements will be mailed to holders on or about 2 June
2004, and elections will be required to be made by 16 June 2004. Alternatively,
the cash dividend may be invested in additional American Depositary Shares for
participants in the dividend reinvestment plan operated by the depositary.
Any person who has acquired American Depositary Shares but who has not lodged
the transfer documentation with the depositary should do so before 12 noon on
Friday 21 May 2004 in order to receive the dividend.

INTERIM RESULTS AND SECOND, THIRD AND FOURTH INTERIM DIVIDENDS FOR 2004

As indicated in the announcement of the 2003 Annual Results, the interim results
for the six months to 30 June 2004 will be announced on Monday 2 August 2004.
The proposed timetables for the second, third and fourth interim dividends in
respect of 2004 are:
                                                                          2004
        Second interim dividend for 2004

        Announcement                                                 2 August

        Shares quoted ex-dividend in London, Hong Kong and Bermuda;   
        ADSs quoted ex-dividend in New York                          18 August

        Record date and closure of Hong Kong Overseas Branch Register 
        of shareholders for one day                                  20 August

        Shares quoted ex-dividend in Paris                           23 August
                                                                  
        Payment date                                                 6 October                            

        Third interim dividend for 2004

        Announcement                                                 8 November
                                                                      
        ADSs quoted ex-dividend in New York                          23 November
                                                                      
        Shares quoted ex-dividend in London, Hong Kong and Bermuda   24 November
                                                                      
        Record date and closure of Hong Kong Overseas Branch         26 November
        Register of shareholders for one day                                   

        Shares quoted ex-dividend in Paris                           29 November

                                                                      
                                                                          2005

        Payment date                                                 20 January
                                                                      

        Fourth interim dividend for 2004

        Announcement                                                 28 February
                                                                      
        Shares quoted ex-dividend in London, Hong Kong and Bermuda;  
        ADSs quoted ex-dividend in New York                          16 March 

        Record date and closure of Hong Kong Overseas Branch      
        Register of shareholders for one day                         18 March

        Shares quoted ex-dividend in Paris                           21 March

        Payment date                                                 4 May

The Directors of HSBC Holdings plc are Sir John Bond, Baroness Dunn, Sir Brian
Moffat, S K Green, A W Jebson, W F Aldinger, Lord Butler, R K F Ch'ien, W R P
Dalton, D G Eldon, R A Fairhead, D J Flint, W K L Fung, M F Geoghegan, S Hintze,
Sir John Kemp-Welch, Lord Marshall, Sir Mark Moody-Stuart, S W Newton, H Sohmen,
C S Taylor and Sir Brian Williamson.



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