Scrip Dividend Alternative

HSBC Holdings PLC
28 March 2007

                               HSBC HOLDINGS PLC
                        FOURTH INTERIM DIVIDEND FOR 2006
                           SCRIP DIVIDEND ALTERNATIVE

On 5 March 2007, the Directors of HSBC Holdings plc declared a fourth interim
dividend for 2006 of US$0.36 per ordinary share payable on 10 May 2007 to
shareholders on the Register on 23 March 2007. 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$17.4801 for each new share

The 'Market Value' is the United States dollar equivalent of £8.898 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 21 March 2007 (the day on which the shares were first quoted
ex-dividend).

Dividends payable in cash in sterling or Hong Kong dollars on 10 May 2007 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 30 April 2007. 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 3 April 2007, and elections must be received by the Registrars by 26 April
2007.

R G Barber
Group Company Secretary
HSBC Holdings plc

Note to editors:

HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through around
10,000 offices in 82 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of some US$1,861
billion at 31 December 2006, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank'.



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