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HSBC Inv.Bnk (Neth) (39OU)

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Friday 11 January, 2002

HSBC Inv.Bnk (Neth)

Stmt re Notes & Warrants

HSBC Inv. Bnk (Neth) NV
11 January 2002

The Stmt re Notes & Warrants announcement for HSBC Inv. Bnk (Neth) released 
today at 15:27 under RNS No. 8623P has been re-released to facilitate onward 
transmission by third party vendors.

The announcement is unchanged and is reproduced in full below.

Information relating to HSBC Investment Bank (Netherlands) N.V. as Issuer of
Notes and Warrants (the 'Issuer')

The directors of the Issuer wish to inform you of the following intended
changes to the business of the Issuer as, if adopted, they would represent a
change to the Issuer's activities.

The Board of Management of HSBC Investment Bank (Netherlands) N.V., which
undertakes its business from an office in Amsterdam, is currently reviewing a
number of options to restructure it operations. One of the scenarios under
consideration is the discontinuation of the brokerage activities in Amsterdam.
Under such a scenario the derivatives business would not be affected and new
instruments will continue to be issued.

Staff have been informed and a consultation meeting has been held. It is
expected that the Board of Management will reach a decision early next week.