Director/PDMR Shareholding

HSBC Holdings PLC
15 March 2006

                                  SCHEDULE 11

NOTIFICATION OF INTERESTS OF PERSON DISCHARGING MANAGERIAL RESPONSIBILITY AND/OR
                               CONNECTED PERSONS



1. Name of the issuer

HSBC Holdings plc

2. Name of person discharging managerial responsibilities

Mr S T Gulliver

3. Name of connected person (if applicable to this transaction)

N/A

4. This notification relates to a transaction notified in accordance with DR
3.1.4R(1)(a)

5. Description of shares (including class) or derivatives or other financial
instruments relating to the shares of HSBC Holdings plc

US$0.50 ordinary shares

6. State the nature of the transaction

Disposal / sale of shares following the release of the 2001 award under the HSBC
Holdings Restricted Share Plan

7. Number of shares, derivatives or financial instruments relating to shares
acquired

8. Number of shares, derivatives or financial instruments relating to shares
disposed

26,304 shares

9. Price per share or value of transaction

£9.9264

10. Date and place of transactions

13 March 2006, London

11. Date issuer informed of transactions

15 March 2006

Name of contact and telephone number for queries

Nicola Black, Assistant Secretary, 020 7991 2652

Name of duly authorised officer/official of issuer responsible for making
notification

As above

Date of notification

15 March 2006


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