Notice of Early Redemption

HSBC Holdings PLC
                  
HSBC  Holdings PLC
(the issuer)
US$250,000,000
Subordinated Collared Floating Rate Notes due 2008
(the Notes)
of (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 Redemotion 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 respectivcely from the relevant 
date. ( as defined in Condition 6.)