Dividend - Scrip Alternative

HSBC Holdings PLC
26 May 2004



The following announcement replaces the earlier announcement made at 10.00am on
26 May 2004 under RNS number 0920Z. The "Market Value" in sterling in the second
paragraph should have read £7.926 and not £7.962 as originally stated. A
corrected version of the announcement is shown below:

                               HSBC HOLDINGS PLC

                        FIRST INTERIM DIVIDEND FOR 2004

                           SCRIP DIVIDEND ALTERNATIVE

On 4 May 2004, the Directors of HSBC Holdings plc declared a first interim
dividend for 2004 of US$0.13 per ordinary share payable on 7 July 2004 to
shareholders on the Register on 21 May 2004. The dividend is payable in cash in
United States dollars, sterling or Hong Kong dollars, or a combination of these
currencies, with a scrip dividend alternative. The "Market Value" for the issue
of new shares under the scrip dividend alternative is:

                         US$14.2930 for each new share

The "Market Value" is the United States dollar equivalent of £7.926, being the
average of the middle market quotations for the ordinary shares on the London
Stock Exchange as derived from the Daily Official List for the five business
days beginning on 19 May 2004 (the day on which the shares were first quoted
ex-dividend).

Dividends payable in cash in sterling or Hong Kong dollars on 7 July 2004 will
be converted from United States dollars at the forward exchange rates quoted by
HSBC Bank plc in London at or about 11.00 am on 28 June 2004. These exchange
rates will be announced to the London, Hong Kong, New York, Paris and Bermuda
stock exchanges.

Particulars of the dividend arrangements will be mailed to shareholders on or
about 2 June 2004, and elections must be received by the Registrars by 23 June
2004.

R G Barber
Group Company Secretary
HSBC Holdings plc

26 May 2004

                      This information is provided by RNS
            The company news service from the London Stock Exchange