Holding(s) in Company

HSBC Holdings PLC
25 March 2004



NOTIFICATION OF MAJOR INTERESTS IN SHARES
Section 198 - Companies Act 1985

The Company was notified today by Lehman Brothers, that as at 23 March 2004,
Lehman Brothers no longer has a notifiable interest in the share capital of HSBC
Holdings plc.

A copy of the letter of notification is quoted below.

R H Musgrove
Assistant Secretary
HSBC Holdings plc

Letter to HSBC Holdings plc dated 25 March 2004 from Anthony Allen, Compliance
Department - Europe, Lehman Brothers


"Dear Sir / Madam,
                      S198 Companies Act 1985 (the "Act")

We write to inform you, pursuant to s198 of the Act, that as at the close of
business on 23rd March, 2004, The interest of Lehman Brothers International
(Europe) in the ordinary share capital of HSBC Holdings Plc (the "Company") has
fallen below 3%.

Yours faithfully
For & on behalf of Lehman Brothers

Anthony Allen
Compliance Department - Europe"



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