Director/PDMR Shareholding

HSBC Holdings PLC
07 February 2008

 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 transaction
       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
       8,915
7      Price per share or value of transaction
       £7.68
8      Date and place of transaction
       1 February 2008, London

       * PDMR became aware of this transaction on 7 February 2008
9      Date issuer informed of transaction
       7 February 2008
10     Total holding following notification
       545,520
11     Name of duly authorised officer/official of issuer responsible for making notification
       Nicola Black, Assistant Secretary, 020 7991 2652
12     Date of notification
       7 February 2008




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