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HSBC Announces Major Interest in Shares

Hamilton, Bermuda: 24 August 2004 - The Company was notified yesterday that Credit Suisse First Boston through its subsidiaries listed below, had a notifiable interest as at 19 August 2004 in 445,227,894 ordinary shares of US$0.50 each in HSBC Holdings plc, representing approximately 4.01% 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 23 August 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 19 August 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"): 66,912,792 shares. This includes 2,383,037 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"): 6,839,483 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): 79,505,073 shares.

4. Credit Suisse First Boston (Hong Kong) Limited ("CSFBHK"): 291,430,546 shares.

5. Credit Suisse First Boston LLC ("CSFBLLC"): 540,000 shares.

Yours faithfully

Daniel Sturrock

Director - Legal and Compliance"

CSFB now holds a total interest of 445,227,894 being equivalent to approximately 4.01% of the issued share capital of the Company.

CSFBEq, CSFBi, CSFBHK, CSFBLLC, 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, and CSFBEL are each interested by attribution in any shares in which CSFBEq, CSFBi, CSFBHK , CSFBLLC, and CSFBEL are interested.