Early Redemption - Amendment

HSBC Holdings PLC
                  

CALL OPTION NOTIFICATION - AMENDMENT

The CALL OPTION will be value 21/11/03 in line with the interest
payment.

NOTICE OF EARLY REDEMPTION HSBC Holdings plc (the "Issuer")
US$250,000,000 Subordinated Collared Floating Rate Notes due 2008 (the
"Notes") of (ISIN:XS0046967518)

Notice is hereby given to the holders of the Notes that, pursuant to
Condition 4(b) of the Notes, the issuer will redeem all the Notes in
full together with accrued interest on 17 November 2003 ( the
"Redemption Date"). Payment of principal and interest in respect of the
Notes will be made in accordance with and subject to Condition 5 of
the Notes against surrender of the relevant Notes, together with all
unmatured Coupons, at the specified office of any of the Paying Agents
on or after the redemption Date. Pursuant to Condition 7 of the Notes,
Notes and Coupons will become void unless presented for payment within
periods of twelve years and six years respectively from the Relevant
Date (as defined in Condition 6). Queries on the redemption should be
directed to the Paying Agent.