Share Option Grants

HSBC HOLDINGS PLC
2 September 1999


SHARE OPTION GRANTS
-------------------

The following grants of employee options have been made by HSBC Holdings plc:

Scheme           Date      Number of Options over   Exercise     Exercise
                           Ordinary Shares of       price £      period 
                           US$0.50

Savings Related  10/08/99  1,503,102                6.3078       01/07/2004 -
-USA Section                                                     31/12/2004

Executive        10/08/99  302,250                  7.4210       10/08/2002 -
                                                                 10/08/2009 *

Executive        31/08/99  4,000                    7.8710       31/08/2002 -
                                                                 31/08/2009 *

* subject to meeting corporate performance conditions