Holding(s) in Company

HSBC Holdings PLC
27 October 2004

NOTIFICATION OF MAJOR INTERESTS IN SHARES

Section 198 - Companies Act 1985

The Company was notified yesterday that Credit Suisse First Boston, through its
subsidiaries listed below, had a notifiable interest as at 22 October 2004 in
455,992,177 ordinary shares of US$0.50 each in HSBC Holdings plc, representing
approximately 4.08% of the ordinary shares in issue.

A copy of the letter of notification, is quoted below.

N Black

Assistant Secretary

HSBC Holdings plc



Letter to HSBC Holdings plc dated 26 October 2004 from Daniel Sturrock, Director
- Legal and Compliance, Credit Suisse First Boston International

"Dear Sirs

HSBC Holdings plc (the "Company")

This notification relates to the ordinary shares of the Company (the "shares")
and is given in fulfilment of the obligations imposed under Section 198 of the
Companies Act 1985 (the "Act").

We hereby notify you that on 22 October 2004, following acquisitions, CSFB (as
defined below) holds the following interests in the issued share capital of the
Company:

1.       Credit Suisse First Boston Equities Limited ("CSFBEq"): 27,130,839 
         shares. This includes 4,531,073 shares in which CSFBEq is interested 
         by virtue of the right to redelivery of equivalent securities under 
         stock lending arrangements.

2.       Credit Suisse First Boston (Europe) Limited ("CSFBEL"): 11,229,602 
         shares. CSFBEL is interested in these shares by virtue of the right to 
         redelivery of equivalent securities under stock lending arrangements.

3.       Credit Suisse First Boston International ("CSFBi): 102,450,846 shares.

4.       Credit Suisse First Boston (Hong Kong) Limited ("CSFBHK"): 315,106,390 
         shares.

5.       Credit Suisse First Boston LLC ("CSFBLLC"): 69,500 shares.

6.       Credit Suisse First Boston Capital LLC ("CSFBC"): 5,000 shares.



CSFB now holds a total interest of 455,992,177 being equivalent to approximately
4.08% of the issued share capital of the Company.

CSFBEq, CSFBi, CSFBHK, CSFBLLC, and CSFBC and CSFBEL are members of the Credit
Suisse First Boston group of companies ("CSFB"). Those group companies which are
direct or indirect holding companies of CSFBEq, CSFBi, CSFBHK, CSFBLLC, CSFBC,
and CSFBEL are each interested by attribution in any shares in which CSFBEq,
CSFBi, CSFBHK, CSFBLLC, CSFBEL and CSFBEL are interested.





Yours faithfully





Daniel Sturrock

Director - Legal and Compliance"






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