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Press Release
Household International Declares Dividends
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Prospect Heights, IL - March 11, 2003 - Household International (NYSE:HI) announced today that its board of directors declared dividends on the company's common stock and certain preferred stocks.
On November 14, 2002, Household announced that it had entered into a merger agreement with HSBC Holdings plc. Pursuant to the terms of the merger agreement, Household's Board was permitted to declare and pay a dividend to Household common shareholders that would equal, on a per share equivalent basis, the per ordinary share second interim 2002 dividend that HSBC declared for its ordinary shareholders. On March 3, 2003 HSBC declared its dividend of $0.325 per HSBC ordinary share, payable May 6, 2003 to holders of record on March 21, 2003. Today, Household declared a dividend of $0.8694 per share on common stock, payable to its holders of record on March 28, 2003. This dividend will be paid on May 6, 2003 or three business days after the effective date of the merger, whichever is later. The dividend is conditioned on the merger becoming effective on or prior to May 22, 2003. The Board also declared the following cash dividends, on certain preferred shares, payable April 15, 2003, to Household shareholders of record on March 31, 2003, provided that no such dividends will be paid if the effective time of the merger occurs prior to March 31, 2003. If the merger occurs or shares of preferred stock are effectively redeemed before March 31, 2003, dividends on the preferred shares will be accrued and paid as specified in the respective certificate of designation in connection with the exchange of such preferred shares for cash in the merger or redemption, as the case may be.
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