Dividend - Scrip Alternative

HSBC Holdings PLC
23 March 2005


                               HSBC HOLDINGS PLC

                        FOURTH INTERIM DIVIDEND FOR 2004

                           SCRIP DIVIDEND ALTERNATIVE

On 28 February 2005, the Directors of HSBC Holdings plc declared a fourth
interim dividend for 2004 of US$0.27 per ordinary share payable on 4 May 2005 to
shareholders on the Register on 18 March 2005. 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$15.8923 for each new share

The "Market Value" is the United States dollar equivalent of £8.371, 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 16 March 2005 (the day on which the shares were first quoted
ex-dividend).

Dividends payable in cash in sterling or Hong Kong dollars on 4 May 2005 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 25 April 2005. 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 31 March 2005, and elections must be received by the Registrars by 21
April 2005.





P A Stafford

Assistant Group Secretary

HSBC Holdings plc



23 March 2005


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