Director/PDMR Shareholding

HSBC Holdings PLC
03 October 2007

 NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY
                            AND/OR CONNECTED PERSONS



This notification relates to a transaction notified in accordance with DTR 3.1.2
R and 3.1.4 R (1)(a)


1      Name of the issuer
       HSBC Holdings plc

2      Name of the person discharging managerial responsibilities or, where applicable, the name of the
       person connected with a person discharging managerial responsibilities
       Dulwich Picture Gallery, of which J W J Hughes-Hallett, a person discharging managerial
       responsibilities, is a Trustee

3      Description of shares (including class), debentures, derivatives or any other financial instruments
       relating to shares
       US$0.50 ordinary shares

4      State the nature of the transactions
       Disposal of non-beneficial interest as Trustee in shares held by the Dulwich Picture Gallery

5      Number of shares, derivatives or any other financial instruments relating to shares acquired
        N/A

6      Number of shares, derivatives or any other financial instruments relating to shares disposed
       8,881

7      Price per share or value of transactions
       £9.07

8      Date and place of transactions
       28 September 2007, London

       *PDMR became aware of these transactions on 3 October 2007

9      Date issuer informed of transactions
       3 October 2007

10     Total holding following notification
       661,596

11     Name of duly authorised officer/official of issuer responsible for making notification
       Nicola Black, Assistant Secretary, 020 7991 2652

12     Date of notification
       3 October 2007




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