09:14     HBAP N1201<02511> - Announcement                                    

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon        
    the whole or any part of the contents of this announcement.               
                                                                              
    This announcement is for information purposes only and does not           
    constitute an invitation or offer to acquire, purchase or subscribe       
    for securities.                                                           
                                                                              
    NOTICE OF LISTING ON                                                      
    THE STOCK EXCHANGE OF HONG KONG LIMITED                                   
    U.S.$8,450,000 Callable CMS Spread Daily Range Fixed Accrual Notes        
    due 2012                                                                  
                                                                              
    The Hongkong and Shanghai Banking Corporation Limited                     
    (registered and incorporated in Hong Kong: Number 263876)                 
    as Issuer                                                                 
    pursuant to its                                                           
    U.S.$10,000,000,000                                                       
                                                                              
    Medium Term Note Programme                                                
                                                                              
                                                                              
    Programme Arranger and Dealer                                             
     The Hongkong and Shanghai Banking Corporation Limited                    
                                                                              
    Application has been made to The Stock Exchange of Hong Kong Limited      
    for listing of and permission to deal in U.S.$8,450,000 Callable CMS      
    Spread Daily Range Fixed Accrual Notes due 2012 (the `Notes') issued      
    by The Hongkong and Shanghai Banking Corporation Limited on 13            
    January 2005 under the U.S.$10,000,000,000 Medium Term Note Programme     
    (the `Programme') of The Hongkong and Shanghai Banking Corporation        
    Limited and HSBC Markets (Bahamas) Limited, as described in the           
    Offering Circular dated 11 March 2004 in respect of such Programme.       
    The terms and conditions of the Notes are further described in the        
    relevant Pricing Supplement dated 12 January 2005 and the permission      
    to deal in the Notes is expected to become effective on or about 20       
    January 2005.                                                             
                                                                              
    17 January 2005