Redemption of Notes

HSBC Holdings PLC
30 September 2003

Redemption of HSBC Holdings Subordinated Collared Floating Rate Notes due 2008

HSBC Holdings plc has today given notice that the US$250,000,000 of Subordinated
Collared Floating Rate Notes due 2008 (the "Notes") (ISIN:XS0046967518) in issue
are to be redeemed on 17 November 2003. The text of the redemption notice
published in today's Financial Times is set out below:


                          "NOTICE OF EARLY REDEMPTION

                        HSBC Holdings plc (the "Issuer")

US$250,000,000 Subordinated Collared Floating Rate Notes due 2008 (the "Notes")
                              (ISIN:XS0046967518)

Notice is hereby given to the holders of the Notes that, pursuant to Condition 4
(b) of the Notes, the Issuer will redeem all the Notes in full together with
accrued interest on 17 November 2003 (the "Redemption Date").

Payment of principal and interest in respect of the Notes will be made in
accordance with and subject to Condition 5 of the Notes against surrender of the
relevant Notes, together with all unmatured Coupons, at the specified office of
any of the Paying Agents on or after the Redemption Date.

Pursuant to Condition 7 of the Notes, Notes and Coupons will become void unless
presented for payment within periods of twelve years and six years respectively
from the Relevant Date (as defined in Condition 6).

Queries on the redemption should be directed to the Paying Agent.

The specified office of the Paying Agents and Agent Bank for the Notes are as
follows:

Principal Paying Agent and Agent Bank
Citibank N.A.
PO Box 18055
5 Carmelite Street
London EC4Y 0PA
Tel: [phone]

Other Paying Agents
Banque BNP Paribas Luxembourg           Citibank N.A
10A Boulevard Royal                     Avenue des Arts, 35 
L-2093 Luxembourg                       B-1040 Brussels, Belgium


By HSBC Holdings plc
Dated 29 September 2003"
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