Scrip dividend price

HSBC Holdings PLC
29 March 2006


                               HSBC HOLDINGS PLC

                        FOURTH INTERIM DIVIDEND FOR 2005

                           SCRIP DIVIDEND ALTERNATIVE

On 6 March 2006, the Directors of HSBC Holdings plc declared a fourth interim
dividend for 2005 of US$0.31 per ordinary share payable on 11 May 2006 to
shareholders on the Register on 24 March 2006. 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$16.8175 for each new share

The "Market Value" is the United States dollar equivalent of £9.621 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 22 March 2006 (the day on which the shares were first quoted
ex-dividend).

Dividends payable in cash in sterling or Hong Kong dollars on 11 May 2006 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 2 May 2006. 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 4 April 2006, and elections must be received by the Registrars by 27 April
2006.



R G Barber

Group Company Secretary

HSBC Holdings plc


29 March 2006

                      This information is provided by RNS
            The company news service from the London Stock Exchange