HSBC Dividend Exchange Rates

HSBC Hldgs PLC
23 April 2001


                      HSBC HOLDINGS PLC
   PAYMENT OF DIVIDENDS IN UNITED STATES DOLLARS, STERLING
                    OR HONG KONG DOLLARS

On 26 February 2001, the Directors of HSBC Holdings plc
declared a second interim dividend for 2000 of US$0.285 per
ordinary share. The dividend is payable on 2 May 2001 to
shareholders on the Principal Register or Hong Kong Overseas
Branch Register at close of business on 16 March 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 and 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 or about 11.00 am
on 23 April 2001 (US$1 = HK$7.7986 and £1 = US$1.4456).
Accordingly, the amount payable on 2 May 2001 will be:

               US$0.285 per share;
               approximately HK$2.222601 per share or;
               approximately £0.197149 per share.

P A Stafford
Senior Assistant Secretary
HSBC Holdings plc