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HSBC Holdings PLC - Second Interim Dividend for 2004 Scrip Dividend Alternative

25 25 2004

Hamilton, Bermuda: 25 August 2004 - On 2 August 2004, the Directors of HSBC Holdings plc declared a second interim dividend for 2004 of US$0.13 per ordinary share payable on 6 October 2004 to shareholders on the Register on 20 August 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$15.0141 for each new share

The "Market Value" is the United States dollar equivalent of £8.307, 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 18 August 2004 (the day on which the shares were first quoted ex-dividend).

Dividends payable in cash in sterling or Hong Kong dollars on 6 October 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 27 September 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 1 September 2004, and elections must be received by the Registrars by 22 September 2004.

R G Barber

Group Company Secretary

HSBC Holdings plc