Director Shareholding

HSBC Holdings PLC
02 September 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

 1. Name of company

    HSBC Holdings plc

    2) Name of director

    W F Aldinger

    3) Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder if it is a
    holding of that person's spouse or children under the age of 18 or in
    respect of a non-beneficial interest

    In respect of the Director

    4) Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)

    Abacus Corporate Trustees Limited 1,041,039

    BNY (Nominees)Limited 1,378,974

    W F Aldinger 212,785

    James Capel Nominees Limited 5,028,975*

    * 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 Re Aldinger ("the Trust"), holds 5,028,975 HSBC
    shares, comprising 2,528,975 HSBC Shares and 500,000 American Depositary
    Shares ("ADSs"), each of which represents five HSBC Shares, which may be
    used to satisfy the exercise of options by Mr Aldinger.

    5) Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

    In respect of the Director

    6) Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

    Exercise of options and sale of shares

    7) Number of shares/amount of stock acquired

    971,025

    8) Percentage of issued class

    De minimis

    9) Number of shares/amount of stock disposed

    971,025

    10) Percentage of issued class

    De minimis

    11) Class of security

    Ordinary Shares of US$0.50 each

    12) Price per share

    Exercise of options - 971,025 shares at US$7.43

    Sale - 971,025 shares at US$15.61877

    13) Date of transactions

    2 September 2004

    14) Date company informed

    2 September 2004

    15) Total holding following this notification

    7,661,773

    16) Total percentage holding of issued class following this notification

    0.07 per cent

    If a director has been granted options by the company please complete the
    following boxes

    17) Date of grant

    18) Period during which or date on which exercisable

    19) Total amount paid (if any) for grant of the option

    20) Description of shares or debentures involved: class, number

    21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

    22) Total number of shares or debentures over which options held
    following this notification

    23) Any additional information

    24) Name of contact and telephone number for queries

    Paul Stafford, Assistant Group Secretary 020 7992 1509

    25) Name and signature of authorised company official responsible for
    making this notification

    As in 24) above

    Date of Notification 2 September 2004



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