News Release

HSBC Shares Open on the New York Stock Exchange

Trading in HSBC Holdings plc shares began on the New York Stock Exchange (NYSE) today, under the trading symbol 'HBC.'

16 July 1999

Trading in HSBC Holdings plc shares began on the New York Stock Exchange (NYSE) today, under the trading symbol 'HBC'. This supplements HSBC's existing dual primary listings on the London and Hong Kong Stock Exchanges.

In a ceremony on the exchange floor, HSBC Group Chairman Sir John Bond, rang the opening bell to start the day's trading. He said: "Listing in New York is an important milestone in the continued development of the HSBC Group.

"It is sensible for a Group of our size to have access to the world's largest capital market and we believe the listing is good news for our shareholders. It will prove more convenient for investors in the United States, where we look forward to building our shareholder base, and it should stimulate demand for HSBC shares internationally."

"The NYSE is proud to list the shares of HSBC, one of the world's leading financial services institutions," said New York Stock Exchange Chairman and Chief Executive Officer Richard A. Grasso. "HSBC is internationally recognized as a truly global company with an extraordinary customer and shareholder base and an exceptional brand. We welcome Sir John Bond and the entire HSBC family to the Exchange and look forward to a long, mutually beneficial partnership."

Shares in HSBC Holdings plc will be traded on the NYSE in the form of American Depositary Shares (ADS), with each ADS representing five US$0.50 Ordinary Shares. There are currently over 160,000 holders of 8,425,897,740 Ordinary Shares in over 90 countries and territories, and some 1,900 ADR holders.

The listing of HSBC shares on the New York Stock Exchange follows the successful consolidation of the Group's two classes of shares into a single class of Ordinary Shares denominated in U.S. dollars. Under the share capital reorganization shareholders received three new US$0.50 Ordinary Shares for each HK$10 or 75 pence Ordinary Share held. Dealings in the new shares began on the London and Hong Kong Stock Exchanges on 5 July.

Headquartered in London, with over 5,000 offices in 79 countries and territories, and assets in excess of US$483 billion (at 31 December 1998), the HSBC Group is one of the largest financial services organizations in the world.