Redemption of Notes (Amended)

HSBC Holdings PLC
22 October 2003



AMENDMENT TO NOTICE OF EARLY REDEMPTION

Redemption of HSBC Holdings Subordinated Collared Floating Rate Notes due 2008

HSBC Holdings plc gave notice on 29 September 2003 that the US$250,000,000 of
Subordinated Collared Floating Rate Notes due 2008 (the "Notes") (ISIN:
XS0046967518) were to be redeemed on 17 November 2003. The actual date of
redemption will be 21 November 2003 and the following is the text of an
amendment to the original redemption notice published in today's Financial
Times:

                    "AMENDMENT TO 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 the Notice
of Early Redemption published on 30 September 2003, the Issuer will redeem all
the Notes in full together with accrued interest on 21 November 2003 (the
"Redemption Date") and not on 17 November 2003 as previously notified.

All other details contained in the previous Notice of Early Redemption remain
the same.

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 22 October 2003"
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