HSBC Dividend Exchange Rates

HSBC Holdings PLC
1 October 2001

                              HSBC HOLDINGS PLC

           PAYMENT OF DIVIDENDS IN UNITED STATES DOLLARS, STERLING

                             OR HONG KONG DOLLARS

On 6 August 2001, the Directors of HSBC Holdings plc declared a first interim
dividend for 2001 of US$0.19 per ordinary share. The dividend is payable on 9
October 2001 to shareholders on the Principal Register or Hong Kong Overseas
Branch Register at close of business on 24 August 2001 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 1 October 2001 (US$1 = HK$7.7981 and £1 = US$1.4761).
Accordingly, the amount payable on 9 October 2001 will be:


                US$0.19 per share;

                approximately HK$1.481639 per share or;

                approximately £0.128717 per share.

R G Barber

Group Company Secretary

HSBC Holdings plc