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HSBC Holdings PLC Payment Of Dividends In United States Dollars, Sterling Or Hong Kong Dollars

Hamilton, Bermuda: 28 June 2004 - On 4 May 2004, the Directors of HSBC Holdings plc declared a first interim dividend for 2004 of US$0.13 per ordinary share. The dividend is payable on 7 July 2004 to shareholders on the Principal Register, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register at close of business on 21 May 2004 in cash in United States 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. However, if shareholders have an address in the United States they will automatically receive any dividend payable in United States dollars unless they currently receive payment in one of the other currencies or make an election to do so. In the absence of instructions to the contrary, shareholders on the Hong Kong Overseas Branch Register and the Bermuda Overseas Branch Register will automatically receive dividends in Hong Kong dollars and United States dollars respectively.

Dividends payable in cash in sterling or Hong Kong dollars will be converted from United States dollars at the forward exchange rates quoted by HSBC Bank plc in London at 11.00 am on 28 June 2004 (US$1 = HK$7.7960 and £1 = US$1.82604). Accordingly, the amount payable on 7 July will be:

US$0.13 per share;

approximately HK$1.01348 per share; or

approximately £0.07119 per share.

The dividend payable to holders of American Depositary Shares ('ADSs'), each of which represents five ordinary shares, will be US$0.65 per ADS. The dividend will be paid on 7 July 2004 in cash in United States 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.

Signed by:

Nicola Black

Assistant Secretary

HSBC Holdings plc