Director Shareholding

HSBC Holdings PLC
08 January 2004


                      Date of notification : 8 January 2004

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                   NOTIFICATION OF DIRECTORS' SHARE INTERESTS

                              IN HSBC HOLDINGS PLC

Interests in shares of HSBC Holdings plc ("the Company") arising under sections
324 and 328 of the Companies Act 1985.

Following the acquisition of Household International, Inc. ("Household") by HSBC
Holdings plc, outstanding options over Household shares granted (for nil
consideration) have been converted into options to acquire HSBC Holdings plc
ordinary shares of US$0.50 each ("HSBC shares"). The HSBC (Household) Employee
Benefit Trust 2003 ("the Trust"), has acquired HSBC shares which may be used to
satisfy the exercise of these options.

Mr W F Aldinger, a director of HSBC Holdings plc, currently holds options over
11,630,900 HSBC shares.

As a potential beneficiary of the Trust, Mr Aldinger also has a technical
interest in all of the HSBC shares held by the Trust:

 HSBC Holdings plc - Ordinary Shares US$0.50 each


Date of transaction         Nature of transaction by the Trust                              Consideration

31 December 2003*           Transfer by the Trust of 8,025 HSBC shares to an individual     US$4.16
                            exercising options.

5 January 2004              Transfer by the Trust of 19,260 HSBC shares to individuals      US$4.16
                            exercising options.

5 January 2004              Transfer by the Trust of 5,484 HSBC shares to individuals       US$5.09
                            exercising options.

5 January 2004              Transfer by the Trust of 2,000 HSBC shares to an individual     US$4.56
                            exercising options.

5 January 2004              Transfer by the Trust of 13,375 HSBC shares to an individual    US$13.71
                            exercising options.

5 January 2004              Transfer by the Trust of 16,050 HSBC shares to an individual    US$10.66
                            exercising options.

6 January 2004              Transfer by the Trust of 13,643 HSBC shares to individuals      US$4.16
                            exercising options.

6 January 2004              Transfer by the Trust of 20,063 HSBC shares to an individual    US$5.09
                            exercising options.

6 January 2004              Transfer by the Trust of 56,175 HSBC shares to an individual    US$7.43
                            exercising options.

*Director made aware on 7 January 2004

At 6 January 2004, after these transactions, the Trust held a total of
12,297,999 HSBC shares.

 Heather Nicol, Company Secretarial Assistant

020 7992 1505


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